For the first time, the European Commission included Ukraine in regular economic forecasts in the Spring 2023 Economic Forecast.
This is stated in the notification of the Ministry of Finance, Ukrainian News Agency reports.
On July 16, during the meeting of the G7 financial block, which was attended by the Minister of Finance of Ukraine Serhii Marchenko, the EU Commissioner for Economy Paolo Gentiloni emphasized that in 2023 Ukraine was included in the regular review of structural features, economic indicators and development prospects in Spring 2023 Economic Forecast.
The EU forecast notes that Ukraine has shown considerable resilience during the war, and efforts aimed at joining the EU, after receiving the status of a candidate country on June 23, 2022, should improve the country's development prospects.
Before the start of the full-scale war, public finances had a solid foundation. Effective actions of the Government of Ukraine contributed to a low level of the state budget deficit - about 2% of GDP in the period from 2015 to 2021.
At the same time, due to the high growth rates of nominal GDP, the public debt ratio decreased to a level below 50% of GDP in 2021.
After February 24, 2022, Ukraine faced many challenges, including a significant reduction in production in regions with active hostilities, inflation, high unemployment, millions of temporarily displaced people, and destroyed or damaged electricity infrastructure.
This led to an overall reduction in GDP by 29.1%.
However, thanks to the implemented measures of the Ukrainian side and the strong support of international partners, a general stabilization of economic growth is expected in 2023.
As Ukrainian News Agency earlier reported, a year after Russia's unprovoked full-scale invasion of Ukraine, the Financial Action Task Force (FATF) announced the suspension of Russia's membership in the organization.
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