World Bank improves forecast for Ukraine's economic growth in 2021 to 3%

12:05, 06.01.2021 1 min read

The World Bank revised upward its forecast for Ukraine's gross domestic product (GDP) growth in 2021 to 3%, while early October it estimated the prospects for recovery to be twice as modest – at 1.5%.

According to the January 2021 World Bank's Global Economic Prospects, estimates of the fall of the Ukrainian economy this year at 5.5% and its growth by 3.1% in 2021 remained at the same level.

As reported, the Ministry for Development of Economy, Trade and Agriculture of Ukraine maintains an estimate of the fall in Ukraine's GDP in 2020 by 4.8% at the end of the year and expects its growth by 4.6% in 2021.

The National Bank of Ukraine (NBU) had previously expected the economy to decline by 6% last year, but towards the end of the year it improved its estimates, to about 5%, predicting a recovery in 2021 by 4.2%. The updated macroeconomic forecast of the NBU will be announced on January 21.