The Ukrainian economy has become more stable in the face of active hostilities, but by the end of the year a “minus” in GDP is expected.
The International Monetary Fund predicts that Ukraine’s GDP growth at the end of 2023 will still be in the “minus” and will reach -3%. This is stated in the IMF report on the prospects for the development of the world economy, published on Tuesday, April 11.
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At the same time, the estimate of Ukraine’s GDP for 2022 is -30.3%, which is significantly better compared to the forecast in January, where this figure was expected at -35%. The latest data show the growing resilience of the Ukrainian economy in the face of heavy fighting and destruction of critical infrastructure by the Russians.
The IMF has not yet provided forecasts for Ukraine’s GDP for 2024.
The fund also calculated that the consumer price index in Ukraine could increase from 20.2% in 2022 to 21.1% in 2023. In addition, the current account balance is expected to decrease from 5.7% last year to -4.4% this year .
The unemployment rate in Ukraine will decrease slightly from 24.5% to 20.9% compared to 2022, but it is still considered a very high level, typical for a war-torn country.
It should be noted that in early April, the IMF estimated the dynamics of Ukraine’s GDP this year from “minus” 3% to “plus” 1%, and in 2024 an increase of 3.2% is expected.
Also, in January, the National Bank lowered its GDP estimate to 0.3% in 2023, but at the end of March announced a high probability of its change, including at least 1% due to a better than the expected situation with energy supply.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.