National economy of Ukraine will shrink by the end of 2020 by 3.5% due to quarantine restrictions, due to global pandemic coronavirus infection.
The global financial crisis will not be without unpleasant consequences for the Ukrainian economy, which until the end of the year will shrink by 3.5%. The reduction in the global economy, according to experts of the world Bank, is expected to reach 5.2 percent. Financiers estimate that the global recovery will begin in the following, 2021, the year. While the macroeconomic forecast made by the world Bank, promises a further deterioration in economic indicators in the coming months.
“The depth of the reduction will depend on the duration of the crisis in the health sector, progress in implementing the major expected reforms, and the ability to mobilize adequate financing to meet significant needs in payments,” reads the text of the official message.
In the next year the expected growth of the Ukrainian economy should resume at a pace of three percent. This is much lower than the anticipated world Bank indicators which fluctuated at the level of 4.2%. Financiers separately clarified the fact that in comparison with the previous forecast made in the first month of the current year, the indicators for the dynamics of growth of Ukraine’s GDP for the current year as a whole declined by 7.2 percent.