15:44 06.04.2021

IMF predicts slowdown of Ukraine's GDP growth from 4% in 2021 to 3.4% in 2022

2 min read
IMF predicts slowdown of Ukraine's GDP growth from 4% in 2021 to 3.4% in 2022

The International Monetary Fund (IMF) predicts growth of Ukraine's GDP this year by 4% after a 4% decline last year, with a slowdown next year to 3.4%.

According to the World Economic Outlook (WEO) of the IMF released on Tuesday, the average annual inflation in Ukraine after decreasing in 2020 to 2.7% in 2021 will increase to 7.9%, and in 2022 will decrease to 6.8%.

Inflation at the end of this year, according to the document, will amount to 7.2%, and at the end of next it will be 6% compared with 5% in the past year.

According to new estimates, the current account surplus of 4.3% of GDP in 2020 will be replaced by a deficit of 2.5% of GDP in 2021 and its increase to 3.6% of GDP in 2022.

The IMF also projected a decrease in unemployment in Ukraine from 9% last year to 8.6% this year and 8.4% next year.

WEO also contains macroeconomic estimates for 2026. According to them, in five years Ukraine's GDP will grow by 4% per year with an average annual inflation of 5% and a current account deficit of 3.8% of GDP.

In general, in central and eastern Europe, to which the IMF also included Russia and Turkey, the IMF expects GDP growth this year by 4.4% and the next by 3.9% after a decline last year by 2%.

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