PM Shmyhal projects almost 5% economic growth in Ukraine in 2021

Ukrainian Prime Minister Denys Shmyhal says Ukraine may see almost 5% economic growth in 2021.

Read alsoUkraine's GDP in Q3 declines by 3.5% y-o-y"We'll start the year 2021 with economic growth forecasts at almost 5%. To implement this, we have everything we need: a strategy, resources and a willingness to work together for the good of our country," he wrote on Facebook on December 27.

The official noted that the national budget's general fund had already been fulfilled by 100% as of December 23. By the end of the year, budget revenue will have significantly exceeded the target. Tax authorities are expected to boost collection of duties by more than UAH 60 billion (US$2.1 billion) against 2019.

Shmyhal added that "despite certain individuals' speculations, the state meets its obligations in full, in particular, with regard to financing capital expenditures." As of December 23, there was over UAH 60 billion on the Single Treasury Account, which is an absolute record as of that date.

"All wage arrears to coal miners have been paid off; funds have been allocated for procurements of a [COVID-19] vaccine; additional payments worth UAH 8,000 [US$282] to each Ukrainian whose activities will be terminated over the 'winter vacation quarantine' are already in the pipeline," he said.

Background

Earlier, Prime Minister Shmyhal said the domestic economy might decline by no more than 5% of GDP in 2020.