Photo from UNIAN
Minister Mylovanov projects the country's GDP growth within 3.5%-3.7%.
Deputy Minister at the Ministry for Economic Development, Trade and Agriculture of Ukraine Serhiy Nikolaychuk says the ministry's base-case macroeconomic scenario for 2020 is based on 5.5% inflation.
"The Economy Ministry is reviewing [its] inflation forecast downward, bringing it closer to the National Bank's targets. We, like the National Bank, believe that inflation will decline to the target corridor next year. We expect that consumer inflation will reach 5.5% at the end of next year," he said at a briefing on the ministry's updated macroeconomic forecast on October 22.
In turn, Ukrainian Minister of Economic Development, Trade and Agriculture Tymofiy Mylovanov says the ministry and the National Bank of Ukraine (NBU) expect an increase in Ukraine's gross domestic product (GDP) from 3.5% to 3.7%.
"We will submit our forecast to the Cabinet of Ministers soon, and it will be published after the Cabinet approves it. The National Bank is also drafting its outlook, which is constantly updated. According to these forecasts, Ukraine's indicator for 2020 will be within 3.5%-3.7%," he said.
Mylovanov added the updated macroeconomic forecast for 2020 assumes that Ukraine's GDP growth may reach 3.7% (the base-case scenario) or 4.8% (the best-case scenario).
According to him, the difference between the scenarios is determined by the level of investment in the country.