Wages and prices will rise: the economy has shown a new forecast for Ukraine

The Agency expects the country’s GDP in the next year

The Ministry of economic development, trade and agriculture presented an updated forecast of development of Ukraine for the years 2021-2023, which approved the Cabinet on July 29.

“From the year 2021 it is expected a further gradual acceleration of economic growth and the formation of a high-quality basis for sustainable economic development in the medium term, given the major reforms and preservation of financial stability”, – said the Minister of economic development Igor Petrashko.

So, in the baseline scenario it is assumed the restoration of positive trends in the economy after the significant losses caused by pandemic COVID-19 in the world in 2020, projected:

  • GDP growth at 4.6% in 2021, 4.3 percent in 2022 and 4.7% in 2023;
  • the consumer price index (December to December of the previous year) at the level of 107,3% in 2021, to 106.2% in 2022 and to 105.3% in 2023;
  • the increase in real average monthly wage of employees by 12.1% in 2021, to 6% in 2022 and 5.1% in 2023;
  • the unemployment rate in 2021 to 9.2% in 2022 8.5%, in 2023 – 8%;
  • the growth of exports of goods and services at the level of 2.9% in 2021 with a consequent increase in the rate of growth to 6.4% in 2022 and to 8.2% in 2023.