Shmyhal expects Ukrainian economy to grow from third quarter

Shmyhal expects Ukrainian economy to grow from third quarter

Prime Minister Denys Shmyhal expects Ukraine’s economy to grow from the beginning of the third quarter of 2020 and sees no reason for collapse in the fall.

“We have macroeconomic projections for the development of Ukraine's economy from the Economic Development Ministry which are based on the work of think tanks, research institutions. We also have macroeconomic projections from the IMF, the World Bank, and global think tanks. All these projections roughly coincide:  we expect economic growth in Ukraine starting from the third quarter. That is, it is natural that the second quarter failed due to quarantine and coronavirus crisis. Today it is difficult to makes forecasts all over the world, and the governments of many countries do not make forecasts for more than a hundred days. However, we are quite confident, not optimistic, but we are quite confident in the implementation of economic and budgetary measures this year," Prime Minister of Ukraine Denys Shmyhal said at a press conference "100 Days of Government" on June 11, an Ukrinform correspondent reports.

He underscored the stability of the domestic economy and the absence of critical threats to the industry, which would arise in August, September, or October.

"The situation is difficult, but there are no such surprises that will collapse and lead to some global catastrophe today. There is a very difficult crisis situation, but it is stable, so today we do not see the collapse or any end of the world or the end of the economy. We rely on the macroeconomic projections and this is the most important thing,” the Prime Minister said.

He added that communication with business representatives showed that “there are businesses that have suffered, but there are also businesses and manufacturers who are quite optimistic about the economic situation and see opportunities in the crisis and, moreover, use them and increase their production volumes, improve their business processes.”


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