Finance Ministry forecasts GDP growth of up to 3% this year

Ukraine's Ministry of Finance expects the economy to grow by up to 3% in 2023.

According to Ukrinform, Ukraine's Finance Minister Sergii Marchenko announced this on Facebook.

"The Government of Ukraine has managed to stabilize the economic and financial situation. We have controlled budget indicators, stable tax revenues, and a decrease in inflation from 26.6% in May 2022 to 15.3% in May 2023. GDP growth is expected to reach up to 3% by the end of the year," the statement reads.

As Marchenko says, to speed up recovery and win Russia's war as soon as possible, the state needs foreign investment now. War risk insurance is extremely important for attracting a large private sector to Ukraine.

"The European Commission has recently announced a proposal to provide Ukraine with EUR 50 billion over the next 4 years. This is a powerful signal of support for which we are very grateful. We expect that the G7 countries will also contribute to the financing next year," the minister emphasized.

As Ukrinform reported, IMF mission confirmed expectations of a stronger economic recovery in Ukraine and improved its forecast for Ukraine's GDP growth to plus 1-3% amid uncertainty related to Russia's war.