World Bank forecasts 5.5% drop in Ukraine's GDP in 2020

Source : 112 Ukraine

According to the organization’s report, Ukraine's GDP will have grown by 3,7 percent by 2023
20:18, 7 October 2020

Open source

The World Bank forecasts a decline in Ukraine's GDP in 2020 and a resumption of economic growth in 2021 and 2022 at 1.5 and 3.1%, respectively. This is stated in the organization's review of the economy of Europe and Central Asia ("Covid-19 and human capital").

According to experts, Ukraine has entered the crisis in better macroeconomic conditions than in previous crises due to prudent macroeconomic management over the past several years.

Related: Ukraine's Economy Ministry improves its inflation forecast for 2020

"The economy is expected to contract by 5.5% in 2020. Going forward, growth is expected to remain modest at 1.5 percent in 2021, rising to about 3.7 percent by 2023. The outlook depends on the duration of the health crisis and reforms to address bottlenecks to investment and safeguard macroeconomic sustainability,” the statement said.

As we reported earlier, as of October, the international reserves of Ukraine decreased by 2.5 billion dollars and amounted to 26.5 billion dollars.

The National Bank of Ukraine (NBU) explained that the decrease in reserves had been caused by the state’s debt payments on foreign liabilities.

Related: Finance Minister believes IMF mission to arrive in Ukraine this fall

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