The International Monetary Fund (IMF) expects that Ukraine's GDP would fall by 7.7% in 2020 and grow by 3.6% in 2021, according to the World Economic Outlook published by the IMF on Tuesday.

According to the report, consumer prices will grow by 4.5% this year, and 7.2% next year.

The current account deficit can grow from 0.7% of GDP in 2019 to 2% of GDP this year with its further expansion to 2.4% of GDP in 2021, the IMF said.

"As a result of the pandemic, the global economy is projected to contract sharply by –3 percent in 2020, much worse than during the 2008–09 financial crisis. In a baseline scenario, which assumes that the pandemic fades in the second half of 2020 and containment efforts can be gradually unwound, the global economy is projected to grow by 5.8 percent in 2021 as economic activity normalizes, helped by policy support," the IMF said.

A decline in GDP in Europe is expected at 6.6% this year, after 1.6% growth in 2019. However, in 2021, the European economy will return to growth and increase by 4.5% of GDP, the fund's analysts said.