GDP will be significantly reduced.
The Cabinet approved the forecast of economic and social development of Ukraine for the years 2021-2023, according to which Ukraine’s GDP in 2021 will grow by 4,6%, while prices will increase by 7.3%.
The decision was taken at a Cabinet meeting on Wednesday, July 29. In 2022, it is expected that the Ukrainian economy will grow by 4.3% and price growth will be 6.2%.
Thus by the end of 2020 , the Cabinet suggests that GDP as a result of coronaries will fall by 4.8%. The Prime Minister of Ukraine Denis Shmyhal said during a Cabinet meeting. He instructed within three days to finalize the document.
What will happen to wages
The growth of average wages (before taxes) expected to be:
- 2021 – 13 362 UAH;
- 2022 – 15 414 UAH;
- 2023 – 17 169 UAH.
According to the explanatory note to the draft resolution, revised the macroeconomic forecast envisages an increase in the minimum wage in 2021 to 6.25 thousand UAH (in two stages – up to 6 thousand UAH from the beginning of 2021 and up to 6.5 thousand UAH from 1 July), and in 2022 – up to 6,7 thousand UAH and up to 7,176 thousand UAH in 2023-m.
As Ukraine will trade
Export growth to 2021 is expected to be 2.9% and 6.4% in 2022. But import growth is projected at 10.6% and 10% respectively.
The trade deficit (the difference between the total value sold abroad and goods imported into the country) will be in 2021 $10.4 billion and $13.6 billion in 2022.
ЭL, the economy of Ukraine in 2020 could fall by 8-10%, now indicated by a large-scale decline in production and a reduction of income to a number of areas.
The international monetary Fund predicts the fall of Ukraine’s economy by the end of 2020 7.7%, but expects growth to 2021 of 3.6%.
Ukraine’s GDP in January-may 2020 the pandemic COVID-19 fell by 5.9%.