Petrashko: Ukraine’s GDP decreased by 4% in 2020

Petrashko: Ukraine’s GDP decreased by 4% in 2020

Ukraine's gross domestic product (GDP) decreased by 4% in 2020, which is one of the lowest rates in the world, according to Minister of Economy, Trade and Agriculture Development of Ukraine Ihor Petrashko.

“In 2020, Ukraine's GDP decreased by 4%, which is one of the lowest rates in the world. I believe that we have done enough right things to minimize the decline and lay the basis for long-term growth,” Petrashko said in an interview with the Korespondent Ukrainian magazine, the Economy Ministry’s press service reports.

He noted that the coronavirus crisis has affected the economies of almost all countries, but businesses have already begun to adapt. It depends on the policy of the government and the economy ministry, in particular, whether they adapt better or worse to new conditions.

According to the official, two main tasks have been solved: first - how to prevent the dismissal of people, and second – how to ensure access to financial resources, especially for micro- and small-sized businesses.

Petrashko reminded that in order to expand access to financial resources, the government program “Affordable Loans at 5-7-9%” has been improved.

"We also provided special financial support to the business during the strengthening of quarantine measures - mass payments of UAH 8,000 in one-time assistance gave a stimulating impetus to consumer demand," Petrashko added.


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