Economy Ministry expects Ukraine’s economy to grow at least 4% this year

Ukraine’s economy is expected to grow at least 4% this year, and at least 5% next year.

Yulia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine, said this in her speech at the Kyiv International Economic Forum, an Ukrinform correspondent reports.

"This year, we will have at least 4% [economic] growth, next year we forecast it to be at least 5%. As for the main industries, there is growth in the machine building and construction industries, as well as trade growth amid stable demand," said Svyrydenko.

She noted that the main incentive for such growth is the budget's macro-aid that creates incentives for the payment of salaries to civil servants and the military, as well as social benefits.

"Next year we will grow moderately, but, of course, a big challenge for us is logistical obstacles and export opportunities. If we manage to resume the permanently operating corridor for agricultural products, then we can expect more optimistic forecasts for economic growth,” Svyrydenko said.

As reported by Ukrinform, according to the IMF’s latest edition of the World Economic Outlook (WEO), Ukraine’s GDP is expected to grow by 2% by the end of 2023, which is significantly different from the Fund's April outlook, which suggested negative dynamics at the level of -3% for the war-torn country. According to World Bank forecasts, Ukraine’s GDP is expected to grow by 3.5% this year.