IMF improves forecast for Ukraine's GDP to minus 7.2% this year

The International Monetary Fund (IMF) expects Ukraine's GDP to fall to minus 7.2% in 2020 compared to minus 8.2% projected by the Fund earlier in June, according to the IMF's October 2020 World Economic Outlook report.

At the same time, it is expected that Ukraine's economy will get stabilized in 2021, and real GDP growth will reach 3%.

According to IMF projections, Ukraine's consumer price index will fall from 7.9% in 2019 to 3.2% in 2020 and will rise to 6% in 2021. The current account balance will reach 4.3% in 2020 and decrease to minus 3% in 2021. The unemployment rate in Ukraine, according to the IMF, will increase to 11% in 2020 and fall to 9.6% next year.

The decline in economic forecasts for Ukraine's economy generally corresponds to global trends related to the financial and economic crisis caused by the coronavirus pandemic.

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