The Ministry of Finance of Ukraine also “positively” revised its forecast for Ukraine’s GDP.

According to 2023’s activity, Ukraine’s GDP will grow by more than 3%, Minister of Finance Serhii Marchenko said.

“The balance of payments has been adjusted thanks to external infusions. The NBU’s reserves and the hryvnia are strengthening, but exports are not growing, and imports are increasing, which is an alarming signal,” said Marchenko.

In addition, the world economy’s recession could significantly affect Ukraine’s support from its partners. However, according to the minister, the governments of the most developed countries have already gone through a difficult inflationary period with minimal economic losses.

Meanwhile, the European Commission forecasts that EU economic growth will slow to 0.8% in 2023 and 1.4% in 2024, and in the eurozone to 0.8% and 1.3%, respectively. In the spring, the EC predicted the EU economy to grow by 1% in 2023 and 1.7% in 2024 and the eurozone by 1.1% and 1.6%, respectively.