The economy is starting to recover from the shock coma that was in the first month and a half after the start of the war, Denys Shmygal said.
By the end of 2022, Ukraine’s GDP will decrease by at least 35%. This was stated by Prime Minister Denys Shmyhal at a conference in Lugano, Switzerland, Interfax-Ukraine reports on Tuesday, July 5th.
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“We were able to conduct a relatively successful sowing campaign, resume logistics on the western border … However, this should not be deceived. The decline in GDP this year is expected to be at least 35%,” said Shmyhal.
He noted that the economy is starting to move away from the shock coma that was in the first month and a half of a full-scale war between Russia and Ukraine.
According to the State Statistics Service, Ukraine’s GDP in the first quarter of 2022 dropped by 15.1% compared to the first quarter of 2021, after growing by 6.1% in the fourth quarter of last year.
According to the National Bank, in the second quarter the fall was 40%. The NBU predicts that in the second half of the year the rate of economic contraction will be lower, but in general, real GDP will decrease by more than 30% throughout the year.
And the World Bank believes that the Ukrainian economy will fall by 45% this year. It was noted that the war weakened the Ukrainian industry, which led to the destruction of infrastructure and a sharp decline in population.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.