from 5.6% in its April forecast. It’s nevertheless more optimistic than Oxford Economics which, as reported by UBN yesterday, has just downgraded its similar forecast to 4% from 4.4%. J.P. Morgan predicts average annual inflation in Ukraine at 9% in 2021 with a further decline to 7.3% in 2022 (Oxford Economics- 9.2% this year, and further declines to 6.7% and 5.4% in 2022 and 2023). It expects the balance of payments deficit in 2021 at 1.7% of GDP, next year – at 3.5% .