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World Bank worsens Ukraine's economy growth forecast in 2019

In 2018, the growth rate made 3.3 percent; the authority expects it to fall to 2.7
17:41, 23 May 2019

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The rate of Ukraine's economic growth in 2019 will slow down - from the current rate of 3.3 percent to 2.7. Satu Kahkonen, the World Bank Director for Ukraine, Belarus and Moldova said that as quoted by 112.ua news agency.

According to the official, this is due to the lack of investor's trust, which was caused by the election; the lack of confidence in key reforms and expectations in terms of difficulties in getting the external loans.

Related: World Bank worsens forecast of Ukraine's 2019 GDP growth rate from 2.9 to 2.7

In 2019-2021, Ukraine will have to repay large sums of money, covering the state debts. Specifically, in 2019, the government will have to allocate UAH 11 billion (almost 418 million U.S. dollars) for that purpose. That makes 8 percent of the country's GDP. 

Kahkonen added that Ukraine could improve the economic growth rates by canceling moratorium for agriculture lands, completing effective judicial reform, combating corruption and stabilizing the fiscal inflows.  

The World Bank also urged the Ukrainian authority to pass the law about criminal responsibility for illicit enrichment and to implement the office of Anti-Corruption Prosecutor. 

Related: It is a serious setback in fight against corruption, - G7, World Bank on repeal of illicit enrichment article

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