REUTERS
Growth factors include record crops and financial sector recovery.
The World Bank estimated the growth of the Ukrainian economy over the nine months of this year at 3.7%-3.8%, said Anastasia Holovach of the World Bank's Ukraine office.
"In the first half of the year, the growth of the Ukrainian economy accelerated to 3.6% compared with 3.3% in 2018. If we add to this the indicators of the third quarter, we have a 3.7%-3.8% growth over the nine months of this year," Holovach said during a presentation.
Among the growth factors, she identified a record crop and recovery of the financial sector.
At the same time, the economist noted that it must be borne in mind that these trends will not be constant in the future.
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As noted in the World Bank's economic survey, low labor productivity and low investment levels of around 20% of GDP remain the key constraints to economic growth.
Among the priority steps recommended by the World Bank to accelerate economic growth are the creation of a transparent land market, demonopolization of key sectors of the economy, privatization of state-owned enterprises, anticorruption efforts, growth of bank lending, and reduction of non-performing loans.
At the same time, the bank says Ukraine should maintain macroeconomic stability in order to continue to reduce inflation, interest rates and public debt.
As UNIAN reported earlier, the World Bank has improved the forecast for this year's economic growth in Ukraine to 3.6%.
The International Monetary Fund predicts economic growth in Ukraine at 3% this year and next year, while the European Bank for Reconstruction and Development suggests growth of 3.3% and 3.5%, respectively.
The National Bank predicts GDP growth in 2019 and 2020 at 3.5%.
The state budget of Ukraine for 2019 is based on the government's macroeconomic forecast with real GDP growth set at 3%, and 3.7% for 2020.
The growth in real GDP of Ukraine in the third quarter of 2019 in annual terms amounted to 4.2%, slowing down from 4.6% in the second quarter.
In 2018, the growth in real GDP of Ukraine accelerated to 3.3% from 2.5% in 2017 and became the highest over the past seven years.