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EBRD updated its forecast of growth of gross domestic product of Ukraine

ЕБРР обновил прогноз роста валового внутреннего продукта УкраиныThe adoption and implementation of the new agreement stand-by arrangement with the IMF will help address the need in the short term.

The European Bank for reconstruction and development has updated the forecast of growth of gross domestic product of Ukraine in the 2018 to 3.5%.

It is stated in the report “Regional economic prospects” on the EBRD website.

“The Bank expects growth of the Ukrainian economy by 3.5% in 2018 and 3% in 2019, compared with 2.5% in 2017”, – stated in the message.

As noted, the adoption and implementation of the new agreement stand-by arrangement with the IMF will help address the need in the short term, external financing of Ukraine and to maintain macroeconomic stability during the election cycle in 2019.

The report also notes that the rapid pace of growth in real wages and remittances stimulated consumption among the population, and investment in fixed assets continued to grow rapidly enough during the first two quarters of 2018, although more slowly than in the same period last year.

General inflation during the first nine months of 2018 was 11.4% compared with the previous year, much higher medium-term target level of 5%, plus or minus one percentage point. Along with this, in the period from June to September this indicator has decreased to less than 10%.

With the aim of curbing inflation, the national Bank of Ukraine raised the discount rate four times – from 14.5% in January 2017 to 18% in September 2018, was recalled to the EBRD.

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