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Ukraine economy to shrink 8.0 pct this year –IMF

23.04.2009 | 10:03

From an earlier prediction that the economy would shrink 3.0 pct

The International Monetary Fund revised its forecast of Ukraine GDP to a drop of 8.0 percent this year, from an earlier prediction that the economy would shrink 3.0 percent, Reuters reported.

The IMF released the new forecast on its Website on Wednesday as part of the Fund`s World Economic Outlook. It predicted the Ukraine`s economy would grow 1.0 percent in 2010.

The World Bank this month revised its 2009 forecast of gross domestic product to minus 9.0 percent from a previous prediction of minus 4.0 percent.

Ukraine`s government has stuck to a 2009 growth forecast of 0.4 percent despite the worsening figures from international financial institutions. In 2008, the economy grew 2.1 percent according to official statistics.

The IMF`s earlier forecast of minus 3.0 percent was contained in a memorandum signed last November to underpin a $16.4 billion loan to the former Soviet republic.

The IMF last week restored the flow of credits to Ukraine after two weeks of talks with senior officials. The Fund said it would provide a tranche of $2.8 billion to be followed another instalment contingent on a new IMF mission to Kiev.

Reuters

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