Ukraine's economy begins to recover in Q3 2020 – PM Shmyhal

“In the third quarter, the Ukrainian economy began to recover. In addition to the resumption of consuming capacity, harvesting had a positive effect on the economy, as it actually shifted from the second quarter to the third one due to weather conditions. Also, according to forecasts of the Economy Ministry, in the next three years, GDP will grow on average by more than 4% annually," Shmyhal wrote Facebook.

He also stressed that coronavirus had caused one of the largest economic recessions in the past 70 years. "In fact, all world economies showed a rapid decline in GDP in the second quarter, in particular Spain - 22.1%, the UK - 21.7%, France -19%, Germany -11.7%, Ukraine - 11.4%, the USA – 9.5%, and Poland - 7.9%," the PM added.

As Ukrinform reported, the action programme of the Cabinet of Ministers of Ukraine notes that the economy of Ukraine may shrink by 4-8% in 2020 compared to 2019 as a result of the coronavirus pandemic.

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