REUTERS
According to Mylovanov, the World Bank's forecast of economic growth at 3.7% coincides with that of Ukraine's economy ministry.
Ukrainian Minister of Economic Development, Trade and Agriculture Tymofiy Mylovanov says the World Bank has raised its forecast for economic growth in Ukraine in 2020 to 3.7% from about 3% previously projected.
"Ukraine is one of the few countries, for which the forecast has been revised in a positive direction. [Economic growth of] most other countries is rather slowing down, than accelerating," the minister wrote on Facebook, being in Washington on October 17, where the Ukrainian delegation participates in the IMF-World Bank annual meeting.
According to Mylovanov, the World Bank's forecast of economic growth at 3.7% coincides with that of Ukraine's economy ministry.
Read alsoIMF improves forecast for Ukraine's economic growth
"We also have a more optimistic scenario at 4.8% provided that the government's program is successfully implemented and the business climate in Ukraine changes for the better. This means the creation of conditions for protecting property rights, liberalization of markets, judicial reform, the quality of law enforcement, as well as the remoteness of oligarchs and stakeholders from the government and politicians," he added.
According to a photocopy of the document provided by the minister, the World Bank also improved the forecast for Ukraine's real GDP growth in the current year to 3.4% from 2.7% previously projected, and to 4.2% in 2021.
According to the bank's forecasts, the inflation index will be 6.8% in 2019, 6% in 2020, and 5.4% in 2021.
As UNIAN reported earlier, the International Monetary Fund, Ukraine's key lender, improved its forecast for economic growth in Ukraine in 2019 to 3% from 2.7% previously projected. The growth of real GDP in Ukraine in 2020 is also expected to be 3%, as before, according to the IMF.
The country's economic growth in the second quarter of 2019 accelerated to 4.6% year-over-year.
Ukraine's 2019 national budget is based on a 3% real GDP growth.
The National Bank of Ukraine raised its forecast for real GDP growth in 2019 to 3% from 2.5% projected before.