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We have grounds to state Ukraine emerging out of crisis, - Finance Minister

Source : 112 Ukraine

The Minister of Economy expects the restoration of the growth of the economy of Ukraine in October-December 2020
18:34, 9 July 2020

Minister of Finance of Ukraine Serhiy Marchenko
Ukraine's Finance Ministry Facebook

There are reasons to suppose that Ukraine is getting out of the crisis, as Syohodni reported citing Finance Minister Serhiy Marchenko.

“There are reasons to suppose that we are getting out of the crisis. The IMF gives us 8.2% of GDP fall; earlier, it provided 7.7%. We believe that 4.8% is the real rate. We will see it in the results of the second quarter. April and May were difficult months. In June, the economic processes were launched,” Marchenko reported.

Related: Covid-19 crisis is 'devastating blow' for world economy, - World Bank

He added that there are no grounds to believe that the fall of the economy in Ukraine would be greater than in the developed countries.

“There are a few explanations for it. The main problem created by Covid-19 is the severed economic chains. But Ukraine was not really integrated into the most suffered chains. The markets of our export production survived. I mean grain and food products. The fall of the prices for ore and metal is not so heavy as for oil and gas. That is why for us, from the point of view of the external positions, the situation is not so vulnerable as in other countries. I believe that we look with dignity in the difficult situation,” the minister added.

Related: Zelensky expects Ukraine to survive potential economic crisis

Marchenko believes that today, there are no grounds to expect the fall of the prices for the products of the domestic export.

“We see clear signals about the restoration of the U.S. economy, European economies, restoration of the production. We have the orders for the supply of metal products. The demand for the chemical industry and medicines products maintains. The demand for food products and grains has always been. During the pandemic, it was higher than earlier. We are one of the top countries that provide the world with food products. Believe me, we will have enough strength to regenerate and become stronger,” Marchenko said.

Related: Labor market awaits second wave of crisis and layoffs in autumn - experts

According to him, the statistics show that the registration figures of new private entrepreneurs reached the pre-crisis level.

Earlier, the National Bank of Ukraine reported that the Ukrainian economy will reduce by 5.0% due to the coronavirus pandemic and global crisis. The negative influence of pandemic on the Ukrainian economy will not be long-term but it will be powerful. The quarantine measures have decreased the business, consumption, and employment of the population.

Related: Ukraine amid sanitary crisis and political turmoil

Besides, in 2020, Ukraine would show a deeper decline (by 4.2%) than the global economy, which will reduce by 3.0% according to the IMF prediction.

According to EBRD forecasts, the fall of Ukraine's GDP by 4.5 percent expected this year. The report claims that Ukraine faced a high price of refunding the debt in the international financial markets.

 

 

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