Ukrainian economy may contract by 4.5% due to coronavirus - EBRD
Ukrinform
Ukraine's gross domestic product may contract by 4.5% this year due to the severe consequences of the coronavirus pandemic, the European Bank for Reconstruction and Development (EBRD) has said in a press release.
"The economy is expected to contract by 4.5 per cent in 2020, with a rebound of 5.0 per cent in 2021," the press release said.
According to the bank's analysts, in Ukraine, a combination of reduced foreign demand and a drop in domestic demand due to public health measures put in place to contain the spread of the virus has taken its toll on the manufacturing and services sectors.
Earlier, the Ukrainian Finance Ministry said that thanks to the signing of an agreement between the National Bank of Ukraine and the EBRD, entrepreneurs will be able to take EBRD loans in hryvnias.
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