PM: Inflation rate may reach 30% next year

PM: Inflation rate may reach 30% next year

Next year, the inflation rate may reach 30%, and the dollar exchange rate will fluctuate and will be approximately UAH 42.

Prime Minister Denys Shmyhal made the relevant announcements while speaking about the draft state budget for 2023, the Government Portal informs.

He explained that together with each draft budget, the Government always adopts a macroeconomic forecast, on the basis of which the state budget is further built. This forecast includes the size of GDP and inflation rate, average salary, dollar exchange rate and more. This year, such a forecast is a consensus between the Government, the National Bank, and international financial organizations.

"So, within the framework of this macroeconomic forecast, next year the economy will grow by 4.6% in real terms and by 37% in nominal terms. The average salary will approximately be UAH 18,500, the inflation rate may reach 30%, the average annual dollar exchange rate will fluctuate around UAH 42," Shmyhal said.

Depending on how the situation at the front changes, he added, the economy in 2023 may either fall by 0.4% or grow by 10 or more percent. This can be the case with other indicators as well.

Therefore, Shmyhal emphasized, the current macroeconomic forecast is a rather conservative scenario because we must be ready for any possible developments.


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