The World Bank predicts positive economic growth of Ukraine of 3.5% against the backdrop of the war.
The World Bank expects Ukraine’s GDP growth to reach 3.5% in 2023 – after falling to 29.1% in 2022 due to Russia’s all-out invasion. This is stated in the conclusions of the economic survey of the World Bank, published on Thursday, October 5.
It was noted that thanks to more stable electricity supply, increased government spending, continued donor support, better harvests and the reorientation of some exports to the western borders, Ukraine’s economy is likely to grow by 3.5% this year after falling 29.1% last year. .year.
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Economic growth rates in transition and developing countries in the Europe and Central Asia region have been revised upwards to 2.4% for 2023.
The faster growth reflects improved forecasts for war-torn Ukraine, Central Asian countries, Turkey and Russia. Production in the region, excluding Russia and Ukraine, is expected to grow by 3% in 2023. However, the growth rate remains low compared to the pandemic’s long-term averages.
Growth is expected to be 2.6% per annum in 2024-25, driven by weak growth in the European Union (the region’s largest trading partner), high inflation, tighter financial conditions and the fallout from Russia’s invasion of Ukraine.
Turkey’s economy is expected to grow by 4.2% this year, reflecting reduced political uncertainty and stable consumer demand. In Russia, increased government spending and robust consumption are likely to lead to growth of 1.6% in 2023, slowing to 1.3% in 2024 and 0.9% in 2025 due to capacity constraints and slowing consumer demand.
In Central Asia, growth is expected to increase to 4.8% this year and average 4.7% in 2024 and 2025, provided inflation slows.
Let’s recall that in June the World Bank forecast Ukraine’s GDP growth this year at only 2% compared to 3.3% in the January forecast.
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.