The Prime Minister of Ukraine expects the country’s GDP to fall by at least 35%

The fall in Ukraine’s GDP in 2022 will be at least 35%, Prime Minister of Ukraine Shmyhal said.

The Prime Minister of Ukraine expects the country's GDP to fall by at least 35%
Source: brodv.ru

Ukraine’s GDP in 2022 will decrease by at least 35%, Prime Minister Denys Shmyhal said at a conference in Lugano.

“We managed to carry out a relatively successful sowing campaign, resume logistics across the western border… However, this should not deceive. The decline in GDP this year is expected to be at least 35%,” he said.

According to the State Statistics Service, Ukraine’s GDP in the first quarter of 2022 decreased by 15.1% year-on-year after growing by 6.1% in the fourth quarter of last year. According to the National Bank of Ukraine, the fall was 40% in the second quarter. The National Bank of Ukraine predicts a smaller contraction in the economy in the second half of 2022, however, in general, real GDP will decrease by more than 30% over the year.

At the conference in Lugano, representatives of 42 countries signed the final declaration, supporting the plan to restore the economy of Ukraine.

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