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The economy of Ukraine predicts a drop of 10% in the second quarter

Экономике Украины прогнозируют падение на 10% во втором квартале

2020 will mark for Ukraine is the largest economic collapse in 2014.

The economy of Ukraine will show a drop of 10% in the second quarter, when compared to the same period last year. It will happen in the quarantine restrictions imposed because of the pandemic coronavirus. While a full recovery over the next six months is impossible.

Thus, 2020 will mark for Ukraine is the largest economic collapse in 2014.

“The figures for economic activity will probably show the full scale of the crisis. We expect that the decline will deepen to 10% compared to the previous year in the second quarter”, – said analysts of the investment company ICU.

Analysts admit that the good success of the Ukrainian agricultural sector, which already began to harvest, could mitigate the economic damage of a pandemic coronavirus. But consumer demand and investment activity in 2020 will be weak.

Experts predict that in the third quarter of Ukrainian GDP will shrink by 5.5% in the fourth – 3% compared to the previous year.

12 analysts, who were interviewed by Reuters, believes that by the end of 2020, the reduction of Ukraine’s economy will be 6.5% compared to growth of 3.2% in 2019-th. Kiev is expected to fall by 4.8%.

“We expect that GDP will begin to recover in the third quarter of 2020, but very slowly due to low income and cautious behaviour of consumers and investors”, – reported in the ICU.

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