Cabinet expects inflation decline to 6.2% in 2022 – PM

16:08, 02.06.2021 1 min read

The Cabinet of Ministers of Ukraine expects inflation to drop to 6.2% in 2022, and salary growth will be from 8% to 10% in the next three years, Prime Minister Denys Shmyhal said following the results of the government-approved Budget Declaration and the 2022-2024 Forecast of Economic and Social Development.

"The growth of salaries in the next three years will be approximately 8% to 10% per year (taking into account inflation). Inflation will return to the target of 5% in 2023, and it will be 6.2% in 2022," Shmyhal said in Telegram channel on Wednesday.

At the same time, the hryvnia exchange rate is expected in the range of UAH 28 or UAH 29 per $1 in 2022-2023, the head of government said.

According to him, the approved documents provide for the reduction of the budget deficit by almost half and the return of this indicator to the planned 3% in 2023.

"The public debt is planned to be reduced to less than 50% of GDP," Shmyhal said.

At the same time, from 2023, Ukraine will be able to enter a stable trend of economic development by 5% per year, he said.