They expect a significant GDP drop in Q2.
The Ministry for Development of Economy, Trade and Agriculture predicts that the Ukrainian economy will start its recovery in the third quarter of 2020 and return to growth in the fourth quarter.
That's only provided that the COVID-19 incidence doesn't escalate, Minister Ihor Petrashko said, while speaking at a briefing on the first 100 days of Denys Shmyhal's government.
"And we believe that the June trend is improving. We're seeing the opening of trading establishments; processes are reviving between the regions. Everything is starting to move more actively. The trend is improving. We're expecting a recovery in production, trade, and services as early as Q3 2020. And in Q4, we expect growth. Again, that's provided that we see no significant rollback in terms of larger incidence," he said.
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Petrashko adds the ministry expects a significant drop in gross domestic product in Q2 2020.
"The second quarter, it is clear, will be in the negative plain. We already have figures for April and preliminary figures for May. The transportation sector has totally plunged, freight transportation has fallen significantly ... Among sectors that have adjusted is trade. We're seeing a halt in air transportation," he said.
As UNIAN reported earlier, Prime Minister Denys Shmyhal says that the government expects economic growth to resume in the country from the third quarter of this year.