Friday, April 16, 2021

The National Bank of Ukraine also downgraded its forecast for real GDP growth in 2021 to 3.8%, from 4.2%.

“The introduction of new quarantine restrictions has led to the suppression of business activity,” the bank said. “The effect of last year’s low harvests affected the indicators of agriculture, food processing and cargo turnover.” After a 2.8% drop during January-February, growth should return in the current second quarter, the bank predicts. The World Bank also predicts 2021 GDP growth of 3.8%.

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According to Kyrylo Shevchenko, the Governor of the Central Bank, two new factors are degrading economic performance.

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The Central Bank revised its 2020 inflation forecast to 8%, from 7%.

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