The Cabinet of Ministers has increased the forecast for inflation in 2020

The Cabinet of Ministers in the updated macroeconomic forecast increased the forecast of inflation in 2020 with previously approved a 5.5% to 11.6%.

Кабинет министров повысил прогноз инфляции в 2020 году

This is stated in the decree of the Cabinet of Ministers of Ukraine from March 29, 2020 No. 253, UKRINFORM reported.

According to the updated macroeconomic forecast, the Ministry expects that the unemployment rate will amount to 9.4%, the average monthly wage of employees (gross) — 10.7 thousand UAH, and nominal wages adjusted for inflation will decline by 4.5% compared to last year. The number of people employed in economic activities in the age of 15-70 years will consist of 16.33 million persons.

The economy Ministry also revised its forecast of Ukraine’s GDP for this year. Now expected to fall by 3.9% compared with growth of 3.7% that was predicted prior to the global crisis. The unemployment rate amounted to 9.4% against the forecast of 8.1%, and the decline in real wages by 0.3 percent.

Average annual hryvnia exchange rate is projected at the level of 29,5 USD for U.S. dollars USA (compared to 27 UAH per USD. United States, projected in October 2019). The growth of prices in the consumer market only temporarily to accelerate to 8.7% (compared with 5.5% in the previous forecast), and next year will return to target 5%, I assure in the Ministry.