Ukraine's GDP may fall by 4-8% this year – government program

Ukraine's GDP may fall by 4-8% this year – government program

The economy of Ukraine could fall by 4-8% in 2020 compared to 2019 as a result of the coronavirus pandemic.

This is stated in the updated Action Program of the Cabinet of Ministers of Ukraine, published on the Government portal.

"The negative impact of the pandemic is amplified by the onset of a global economic recession, which could hit the well-being of the population. According to forecasts of the International Monetary Fund, the global economy is expected to fall by 3%. In turn, Ukraine is traditionally more vulnerable to economic shocks, and therefore it could feel a more significant impact: GDP may fall by 4-8% compared to 2019," the document says.

As Ukrinform reported, according to preliminary estimates of the National Bank of Ukraine, the economy may fall by 6-7% in 2020.


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