Breaking news 2020-05-14 00:01

EBRD expecting Ukraine’s GDP to go down by 4.5% in 2020

The European Bank for Reconstruction and Development (EBRD) is expecting the gross domestic product of Ukraine to fall by 4.5% in 2020

The EBRD has said this in a statement, Ukrainian News Agency reports.

In compliance with the EBRD's report on regional economic prospects, the cost of refinancing of the debt is high on the international financial markets for Ukraine.

The combination of a constraining of the foreign and domestic demand over the public health measures taken to prevent the spread of the coronavirus, impacted on the sectors of production and services.

The bank explains that the macro-financial fundamentals remain respectively strong and able to cushion external shocks at the record high foreign reserves and the lowest discount rate during six years.

As Ukrainian News Agency earlier reported, the National Bank of Ukraine worsened the GDP outlook from the growth of 3.5% to the fall of 5% in 2020.

The Fitch international rating agency expects the GDP of Ukraine to go down by 6.5% in 2020.

The International Monetary Fund (IMF) has worsened the Ukraine’s GDP from a growth of 3% to a fall of 7.7% in 2020.

Ukrainian News Agency