18:23 09.10.2019

Economy ministry developing two forecasts for economic growth acceleration in 2020 – minister

2 min read
Economy ministry developing two forecasts for economic growth acceleration in 2020 – minister

The Economic Development, Trade and Agriculture Ministry of Ukraine would retain two scenarios for the economic growth in 2020 in the updated macroeconomic forecast, which is being developed by the ministry. The two options contain the acceleration of the economic growth compared with the expected growth in 2019, Minister Tymofiy Milovanov told reporters on Wednesday.

"There are two forecasts: according to one, growth is lower, but higher than this year; according to the second, growth is bigger and it is closer to the forecast of the prime minister, team and government at 40% [GDP growth of 40% in five years]. There will be two of them, and we will decide which one we choose," Milovanov said.

He said that the difference in forecasts is due to a possible change in the business climate in Ukraine.

"If we fight corruption, schemes, fight for the law, for the courts, carry out reforms and do it honestly, then we will have a second scenario. If we create the land market, we do it well, but we don't solve the issue of inefficiency and dishonesty of judges then the scenario will be the first," the minister said.

According to him, it will take another week or two to work on the macroeconomic forecast.

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