World Bank predicts 3.5% fall of Ukraine's GDP in 2020, growth by 3% in 2021

18:58, 09.06.2020 1 min read

Ukraine's economy will shrink by 3.5% in 2020 due to the coronavirus-related crisis, while the global economy will lose 5.2% overall, the World Bank announced this in the updated Global Economic Prospects on Tuesday.

"The depth of the contraction will depend on the duration of the health crisis, progress on major pending reforms, and the ability to mobilize adequate financing to meet sizable repayment needs," the World Bank said.

According to the bank, next year the growth of the Ukrainian economy will resume at a rate of 3%, which is lower than the expected recovery of the global economy at 4.2%.

The World Bank said that compared with the previous forecast in January of this year, it worsened expectations of the dynamics of Ukraine's GDP this year by 7.2 percentage points (pp), and in the next – by 1.2 pp.