REUTERS
GDP in 2020 could drop by 3.5%.
The World Bank has worsened its outlook for the Ukrainian economy, according to a spring report.
The bank expects it to fall by 3.5% in 2020.
In 2021, the World Bank suggests, the economy will show a 3% growth and rise 4% in 2022.
At the same time, the inflation rate this year will accelerate to 8.9%, but in 2021 and 2022 it is expected to slow down to 5% annually.
Budget deficit this year will increase to 4.9% of GDP, while dropping to 2.1% in 2021 and to 2% in 2022, the World Bank believes.
The public debt to GDP ratio is projected at 59% of GDP in 2020, 55.4% of GDP in 2021, and 50.7% of GDP in 2022.
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As UNIAN reported earlier, the growth in real GDP of Ukraine in 2019 slowed down to 3.2% from 3.4% in 2018, the highest indicator over the past seven years.
The International Monetary Fund and the World Bank forecast a global economic downturn as a result of the coronavirus pandemic and the ensuing global crisis. The Cabinet of Ministers of Ukraine approved an updated macroeconomic outlook for 2020, suggesting that the economy will fall by 3.9%, inflation – accelerate to 8.7%, while the average annual hryvnia exchange rate – stand at UAH 29.5 to the U.S. dollar.