2019-12-27T20:20:00+02:00 Economy 2024-08-15T08:34:05+03:00

Ukrainian news

Cabinet To Review Macroeconomic Indicators In 2020

Cabinet To Review Macroeconomic Indicators In 2020

The Cabinet of Ministers intends to review Ukraine’s macroeconomic indicators in 2020.

Prime Minister Oleksii Honcharuk announced this at a press conference, the Ukrainian News agency reports.

"We will make another macroeconomic forecast next year... We will adjust the forecast and ask the parliament to amend both the projected revenues and expenditures of the state budget on the basis of the adjusted forecast," he said.

However, he stressed that response to information provocations should be avoided.

"Do not believe the provocations that there are tragedies, defaults, or disasters ... The macroeconomic situation is changing, and we know how to react and correct it," the prime minister said.

As Ukrainian News Agency earlier reported, the Cabinet of Ministers revised Ukraine’s macroeconomic indicators for the period of 2020-2022 on October 23.

The macroeconomic forecast was based on two scenarios that take account of the influence of external and internal factors, and are based on forecasts for development of the Ukrainian economy in the period of 2020-2022.

Under the first scenario, the GDP is projected to grow at 3.7% in 2020 (the previous forecast was 3.3%), by 3.8% in 2021 (remains unchanged), and 4.1% in 2022 (unchanged).

Consumer prices (December-on-December) are expected to rise by 5.5% in 2020 (previously forecast to rise by 6%), 5.3% in 2021 (5.7%), and 5.1 % in 2022 (5.3%).

The average nominal salary is forecast at UAH 16,014 at the end of 2022, UAH 14,187 at the end of 2021, and UAH 12 497 at the end of 2020.

The unemployment rate is projected at 8.1% in 2020, 7.9% in 2021, and 7.5% in 2022.

Under the second scenario, the GDP is projected to grow at 4.8% in 2020, 5.5% in 2021, and 6.5% in 2022.

Consumer prices (December-on-December) are expected to rise by 5.8% in 2020, 5% in 2021, and 5% in 2022.