Ukraine’s economy to resume growth in 2021 – NBU


In 2021, Ukraine’s economy will resume growth, while inflation will remain moderate.
These conclusions were reached during a gathering of representatives of the NBU, the govt and leading Ukrainian economists, the NBU press service reported on Facebook.

The panellists agreed that in 2021 the economy will enter a growth trajectory, while inflation will remain moderate. However, in their opinion, COVID-19 is probably going to still have a depressive effect on investment activity and consumption. this may limit the pace of economic recovery.

In such conditions, close coordination of fiscal and monetary policies is a crucial prerequisite for a faster recovery from the crisis.

On July 23, the commercial bank of Ukraine (NBU) downgraded its forecast for real gross domestic product (GDP) decline from 5% to six in 2020. Earlier, on July 21, Ukrainian minister of finance Serhiy Marchenko, pertaining to the forecasts of the Ministry of Economic Development, Trade and Agriculture, said that the autumn of the Ukrainian economy would be 4.8%. The International fund predicts a drop by Ukraine’s GDP at 8.2% in 2020 amid a mean annual inflation of 4.5%.

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