Ukraine's GDP expected to drop by 4.2 percent in 2020

Source: Xinhua | 2020-04-19

Ukraine's gross domestic product (GDP) will drop by 4.2 percent in 2020 instead of growing by 3.2 percent as predicted last October, according to a forecast published by the Ukrainian Ministry of Economic Development, Trade and Agriculture on Friday.

The report was developed by the Ministry of Economic Development, the Ministry of Finance, and the National Bank of Ukraine, as well as several institutes and think tanks along with representatives of the UN Children's Fund (UNICEF).

According to the report, this year the Ukrainian economy will witness a deeper fall than the global economy, and its recovery will be very slow due to quarantine measures, which are likely to be extended until the end of the second quarter. Inflation is expected to reach 7 percent this year.

Earlier this month, the World Economic Outlook report published by the International Monetary Fund (IMF) predicted Ukraine's GDP would drop by 7.7 percent in 2020 and grow by 3.6 percent in 2021.

Ukraine's GDP grew by 2.5 percent, 3.3 percent and 3.2 percent in 2017, 2018, and 2019 respectively.