Fitch Ratings downgraded Ukraine’s GDP growth forecast for 2022 to 2.9% from 3.9%

in August last year due to the slowdown in real wage growth and private consumption, lower domestic demand amid heightened geopolitical risk, and high gas prices. By 2023, GDP growth is projected to accelerate to 3.5%. However, inflation will remain elevated at about 10% in the first half of 2022 (with a further 200 basis point increase in the NBU discount rate to 12%),” the agency said in a statement Saturday regarding the downgrade of its “B” rating outlook from “positive” to “stable.” According to the statement, inflation will fall to 7.9% at the end of 2022 and 5.3% at the end of 2023.