The World Bank predicts growth of Ukrainian economy

The World Bank predicts growth of Ukrainian economy

The World Bank has left unchanged its forecast for economic growth in Ukraine for the next three years, and it noted the progress in the implementation of reforms, in particular in the system of public finance, debt management, energy and banking sectors.

The World Bank predicts the economic growth of Ukraine at the level of 2% in 2017 and at the level of 3% in 2018 and 2019, according to the report "Global Economic Prospects".

"Among oil importers, output in Ukraine, which returned to expansion in 2016, is expected to grow as the security situation improves and domestic economic reforms gain traction. Growth in 2017 is projected at 2 percent—unchanged from the June projection," the report says.

According to the document, while Ukraine made progress in reforming public finances, debt management, energy subsidies, and the banking system, efforts to address government ineffectiveness, privatization of state-owned enterprises, and pension reform have been delayed.

The authors of the document said that an escalation of geopolitical tensions would set back growth. Risks include rising tensions in Eastern Ukraine, the conflict in Syria, and the refugee crisis. If geopolitical and domestic political tensions delay the implementation of necessary reforms and discourage investment, long-term growth prospects would also be adversely affected.


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