17:17 07.07.2020

Economy minister denies need to review macroeconomic forecast

1 min read
Economy minister denies need to review macroeconomic forecast

Minister of Economic Development, Trade and Agriculture Ihor Petrashko has denied the need to review the macroeconomic forecast, despite the fact that inflation and other projected indicators fail to meet the current situation.

"The macroeconomic forecast was shaped for the budget. When we start working on the budget for the next year we will begin to think about updating the macroeconomic forecast," the minister said in an interview with Interfax-Ukraine.

He said that the current turbulence in the economic situation in Ukraine and around the world does not allow us to make accurate forecasts. Uncertainty remains regarding the opening of markets, borders, and also regarding the second wave of COVID-19 disease. "In addition, changes in macroeconomic forecasts will require changes to the budget," Petrashko said.

At the same time, he said that regarding the forecasted decline in GDP by 5% this year, expectations have not worsened.

"About 5%. But I have more optimistic expectations with certain decisions. We have better results after the lockdown than we thought. There is a significant update in certain areas," the minister commented.

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