Petrashko said about the “catastrophic” problem in the economy of Ukraine

The Minister of economy Igor Petrashko believes that in Ukraine there was a catastrophic situation with inflation, which in recent months is at about 2%.

Петрашко заявил о «катастрофической» проблеме в экономике Украины

He said this at a briefing, according to Khvylia, citing Interfax Ukraine

“The macroeconomic forecast, which became the basis of the budget provides for inflation of around 11%. Inflation, the NBU provided in the area 5-8-6%. We now have a disastrous situation with inflation is a very bad trend,” he said.

According to the state statistics service, in annual terms inflation by the end of may 2020 slowed to 1.7% from 2.1% in April, 2.3 percent at the end of March. And in 2019, the inflation amounted to 4.1%.

“All the countries of the European Union and the United States also struggle with this fact, because it means the decline of competitiveness and depressed wages for workers. And since Ukraine is not in the Euro zone and the dollar, the depression also applies to the balance of trade,” — said the Minister.

According to him, the government is now considering how to stimulate the economy.

“In particular, to encourage programs which are working with the banks, and the President stated the need to find options how banks “Doge,” — said the Minister.

“We need to get the banks to provide funds to the economy, so we have increased the money supply,” said Petrashko.

However, he added that the Ministry does not intend unscheduled to revise the macroeconomic forecast, although it carefully monitors the situation.