The rate of decline has slowed down due to easing of the quarantine.
Gross domestic product (GDP) of Ukraine, the fall of which year may reach 8%in January – may 2020 fell by 5.9%. These data are published in the review, which was prepared by the Ministry of economic development, trade and agriculture, reports the Chronicle.info with reference for Today.
“In January – may 2020 the reduction of the composite index of production of goods and services was 7.3% (down 6.7% in January – April), and, accordingly, the decline in GDP estimated by the Ministry at the level of 5.9%,” – said in the review.
In may the rate of decline in most economic activities slowed down due to the easing of quarantine. The economy Ministry noted that this applies to shopping centers, other institutions of trade and consumer services, food markets and also a part of the passenger road transport (urban, suburban, intraregional and international) and work underground.
“At the same time, the negative impact of the epidemic in the world, COVID-19 (because of a temporary decrease in the overall economic activity in the world, pause investment, including from foreign investors) and the action constraints prevailing in previous periods, restrained the development of most types of economic activity”, – stated in the review.
Earlier, the IMF downgraded the economic Outlook for Ukraine for 2020 minus 7.7% to minus 8.2 per cent. However, EBRD recently made a V-shaped scenario for the Ukrainian economy. This scenario provides for rapid recovery of the economy in 2021-m by 5% after the recession in 2020 is 4.5%.