REUTERS
The ministry projects an increase in the real average monthly wages.
Ukraine's Ministry for Development of Economy, Trade and Agriculture has published a revised forecast of the country's economic and social development in 2021-2023, in which GDP growth is expected at 4.6% next year.
The three-year forecast, approved by the Cabinet of Ministers, is available on the ministry's website.
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According to the base-case scenario, it is assumed that the positive economic development trend will resume after significant losses caused by the COVID-19 pandemic in the world in 2020. GDP growth in 2021 is projected at 4.6%, in 2022 at 4.3%, and in 2023 at 4.7%.
The consumer price index (December to December of the previous year) is expected to be 107.3% in 2021, 106.2% in 2022, and 105.3% in 2023.
Also, the Economy Ministry predicts an increase in the real average monthly wages by 12.1% in 2021, by 6% in 2022, and 5.1% in 2023. The unemployment rate in 2021 is projected at 9.2%, it will decrease to 8.5% in 2022 and will go down to 8% in 2023.
The ministry projects that exports of goods and services will increase by 2.9% in 2021 with a subsequent rise in growth rates to 6.4% in 2022 and to 8.2% in 2023.
The ministry says that tasks set by the President of Ukraine to increase the minimum wage were taken into account during the finalization of the 2021-2023 forecast.
"Thus, the level of the minimum weighted average wage will be UAH 6,250 (US$228) in 2021, UAH 6,700 (US$244) in 2022, and UAH 7,176 (US$262) in 2023," the forecast says. It also says the macroeconomic indicators will be used for drafting Ukraine's national budget for 2021.