The Cabinet of Ministers of Ukraine expects inflation to drop to 6.2% in 2022 and to 5% in 2023. In addition, in the coming years, it is planned to reduce public debt to less than 50% of GDP. Prime Minister of Ukraine Denys Shmyhal said following the results of the government-approved Budget Declaration and the 2022-2024 Forecast of Economic and Social Development.
"The public debt is planned to be reduced to less than 50% of GDP. This means that we will spend less on servicing debts and spend more on medicine, defense and education," Denys Shmyhal said.
According to the Prime Minister, inflation will return to the target of 5% in 2023, and in 2022 it will be 6.2%.
Meanwhile, the Ukrainian economy has begun to recover from the crisis caused by the Covid-19 pandemic. In the first four months of this year, industry and retail showed significant growth, Prime Minister Denys Shmyhal said on his Facebook page.
According to him, already in the first four months of 2021, positive trends have been recorded, which indicate that the Ukrainian economy has begun to recover from the coronavirus crisis.
Thus, industrial growth in April accelerated to 13% (compared to April 2020). And in four months of this year, the industry has grown by 1,5%. The fastest growth is observed in the chemical industry, as well as in the manufacture of furniture. Mechanical engineering increased by 6.5% in 4 months.