World Bank improves Ukraine's economic growth projection for 2021 to 3.8%

09:20, 31.03.2021 1 min read

The World Bank has raised its projection for Ukraine's gross domestic product (GDP) growth in 2021 to 3.8%, while early January it estimated the prospects for recovery at 3%.

According to the World Bank's Europe and Central Asia Economic Update, Spring 2021: Data, Digitalization, and Governance, the forecast for GDP growth in 2022 has been worsened to 3%, compared to 3.1% in January.

The World Bank said that only a partial recovery in GDP growth of 3.8% is expected in 2021, given high uncertainty regarding the rollout of the vaccine and the slow pace of structural reforms to address bottlenecks to investment and to safeguard macroeconomic sustainability. The GDP growth projection of 3.8% is also underpinned by positive base effects in agriculture and processing industry, the World Bank said.