The fall left, but there was optimism: the Cabinet updated the projections for Ukraine

Macro-economic calculations of the government were little changed

Despite the fact that the Ministry of economic development expects GDP growth of Ukraine in 2021, an updated macroeconomic forecast maintains a drop of 4.8% in 2020. This was stated by Prime-Minister Denis Shmyhal. The new macroeconomic forecast with such data taken by the Cabinet meeting today, July 29.

“The basic Outlook remains unchanged. This reduction in GDP by 4.8% in 2020… Ukraine is moving according to the scenario developed by the Ministry of economy”, – said Smigel.

Ukrainians will lose in wages: as the fall in GDP impact on standard of living

He said that for future growth of the economy the government needs to focus on these tasks:

  • support for small and medium businesses;
  • the development of the industry;
  • support of the national producer;
  • the increase in domestic investment;
  • improving the business climate.

As reported in the updated macroeconomic forecast indicated that the growth of Ukraine’s GDP in 2021 will amount to 4.6 percent in 2022 and 2023 – 4.3% and 4.7% respectively.