The World Bank has improved its forecast for Ukraine’s GDP growth by 1.5 percentage points to 3.5% in 2023.
This is evidenced by the data in the updated economic forecast of the organization for the countries of Europe and Central Asia, Ukrainian News Agency reports.
In particular, the World Bank predicts GDP of Ukraine growth by 3.5% in 2023 and by 4% in 2024, which is by 1.5 p.p. and 0.5 p.p. higher than June estimates.
According to the bank's experts, greater external assistance, a higher-than-expected harvest, as well as increased consumer and business confidence will contribute to GDP growth.
In agriculture, higher growth than previously expected was supported by favorable weather conditions.
The shift to alternative export routes bypassing Black Sea ports relieved some logistical burden.
At the same time, pressure on wages has increased amid widespread growth in labor demand and restrictions on labor supply, the updated economic forecast notes.
According to it, the forecast for the growth of the Ukrainian economy in 2026 remained at 6.5%.
As Ukrainian News Agency earlier reported, in June of this year, the World Bank worsened the forecast for GDP in Ukraine growth in 2023 from 3.3% to 2%.
In April-June 2023, real gross domestic product (GDP), according to operational data, increased by 19.5% compared to the same period in 2022.
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