Possible economic growth in 2017 will speed up to 3.5% and further to 4% in 2018 / Photo from dialog.ua
The rating agency forecasts Ukraine's nominal GDP will total $73.10 billion in 2015 and may grow to $85 billion in 2016.
Standard & Poor's Ratings Services forecasts a 7.5%economic decline in Ukraine in 2015, however, Ukraine's economy may make a U-turn and demonstrate a 2% increase in 2016, the agency said.
S&P on Friday lowered its long-term foreign currency sovereign credit rating on Ukraine to 'CC' from 'CCC-,' reflecting its view that an eventual default is "virtually inevitable."
At the same time, the agency projects that Ukraine's possible growth in 2016 may accelerate to 3.5% in 2017 and further to 4% in 2018.
According to S&P, Ukraine's nominal GDP in 2015 will total $73.1 billion with a further increase to $85 billion in 2016. Ukraine's state debt in 2015 will account for 93% of GDP, however, it may shrank to 82.6% of GDP in 2018.
Earlier, the Cabinet of Ministers of Ukraine has drawn up budget policy for 2016 based on the following macroeconomic indicators: 2% economic growth amid 9% inflation with a forex rate set at UAH 22.5 per U.S. dollar.