11:46 29.06.2021

EBRD improves forecast for Ukraine's GDP growth in 2021 from 3% to 3.5%

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EBRD improves forecast for Ukraine's GDP growth in 2021 from 3% to 3.5%

 The European Bank for Reconstruction and Development (EBRD) has improved its forecast for the economic growth in Ukraine in 2021 from 3% to 3.5%, according to its June forecast.

GDP is expected to grow by 3.5% in both 2021 and 2022, the EBRD said in its June regional economic prospects.

According to the report, the main risks are associated with the slow progress of reforms in the country and the relatively slow pace of vaccination, the bank's analysts say.

Although the economy contracted 2% year-on-year in the first quarter of 2021 due to prolonged quarantine restrictions, there are indications that it is gradually returning to growth in the second quarter thanks to higher commodity prices, the EBRD said.

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