The World Bank has improved its forecast for Ukraine’s GDP

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The World Bank has improved its forecast for Ukraine’s GDP

07.10.2021 News

The World Bank has maintained its forecast for Ukraine’s GDP recovery in 2021 at 3.8% after falling by 4.0% in 2020. The economic growth forecast for the next 2 years has improved, according to the World Bank report.

In particular, according to the new forecast, Ukraine’s economy will grow by 3.5% in 2022 and by 3.7% in 2023. Previously, growth was expected at 3.1% over 2 years.

The report notes that economic activity should continue to recover in the second half of 2021, as this is facilitated by higher yields, stronger consumer demand and favorable external conditions.

In 2021, Ukraine’s economy will grow by 3.8% due to the positive base effect in agriculture and compared to last year’s decline.

The forecast also takes into account the possibility of further temporary lockdowns and additional strengthening by the central bank in order to consolidate inflation expectations.

It is expected that in the second half of 2022, inflation will fall to the target level due to the effect of monetary policy.

 

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