Ukraine's Cabinet of Ministers considers three scenarios of economic developments in Ukraine in 2015 / Image from telegraf.com.ua
Ukrainian Minister of Economic Development and Trade Aivaras Abromavicius predicts that Ukraine's GDP may soar to $500 billion in 20 years from about $85 billion expected in 2015.
"The Ukrainian economy will be estimated at $500 billion in 20 years," he said at the Ukrainian-German Business Forum in Berlin on Friday.
The minister says that Ukraine possesses huge natural resources, and its population is educated and highly qualified, which could be conducive to swift economic growth amid proper reforms and high-quality public administration.
As UNIAN reported earlier, Fitch Rating revised upwards its forecast for Ukraine's economic decline in 2015 to 10% from 5% predicted in March 2015.
Ukraine's Cabinet of Ministers considers three scenarios of economic developments in Ukraine in 2015: the low-case scenario with an 11.9% GDP decline amid 42.8% inflation, and two base-case scenarios with a GDP decline between 5.5% and 8.6% and inflation between 26.7% and 38.1%.
In autumn, Ukraine's major lenders – the International Monetary Fund, the World Bank, and the European Bank for Reconstruction and Development – also revised their macroeconomic forecasts for the country, predicting a 9-12% contraction. At the same time, they are optimistic about 2016, saying that Ukraine may see 1-2% economic growth.
The worst forecast for Ukraine's GDP in 2015 was announced by Standards & Poor's, which projects a 15% economic decline.
The National Bank of Ukraine in turn forecasts that GDP may decline by 11.6% in 2015 amid 44% inflation.