NBU predicts recovery of Ukrainian economy from “coronacrisis” in 2022

The economy of Ukraine in 2022 will fully satisfy the losses from the crisis caused by COVID-19 and the restrictions imposed due to the pandemic, according to the Inflation Report for October 2020 prepared by the National Bank of Ukraine. “By the end of this year, the fall in GDP will be 6%, and then we will reach growth by about 4% annually,” the central bank experts say. Also, according to the regulator’s forecast, real wages in 2020 will grow by 6.2%, and in 2021 – by 9.5%.

“Ukrainian income resumed growth after a short pause at the stage of strict quarantine. Further economic recovery and growth of social standards will support this process. Nominal wages will rise 9% in 2020 and 16% next year.

Real – by 6.2% and 9.5%, respectively, ”the message says. Earlier in October, the IMF improved its estimates of the fall of the Ukrainian economy from minus 8.2% in 2020, according to estimates released in June, to minus 7.2% according to estimates in October, due to the faster-than-expected recovery of the Ukrainian economy. Overall, the IMF estimates that GDP in Europe will fall by 7% in 2020, the biggest drop since World War II.

The economic recovery in Europe will be uneven and long-term, the fund predicts. In 2021, according to the fund’s forecasts, GDP will grow by 4.7%. Most European countries will reach the 2019 GDP level only in 2022-2023, according to the IMF.

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