IMF worsens Ukraine's GDP fall forecast to 11% in 2015
The International Monetary Fund (IMF) has once again revised its forecast for Ukraine's GDP in 2015 downwards, to 11% from 9% projected in June, the IMF said in a press release.
"Following a deep recession, macroeconomic stabilization is gradually taking hold. The exchange rate has been broadly stable, hryvnia deposits are rising, and inflation is receding. Gross international reserves, have increased to US$12.6 billion at end-August, and will be further boosted by a recently agreed swap arrangement with Sweden’s Riksbank for $500 million. Despite these positive developments, in view of the larger than expected economic decline in the first half of the year, the mission revised down growth projections for 2015 to -11%. Growth is expected to reach 2% in 2016, supported by recovering consumer and investor confidence, improved export performance, and a gradual easing of credit conditions," the IMF said.