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World Bank upgrades 2010 economic forecast for Ukraine

October 21, 2009

The World Bank’s latest forecast for Ukraine for 2010 is for 2.5% economic growth and 11% inflation.

The main reason for the upgraded forecast, says this financial institution’s Senior Economist in Ukraine, Ruslan Piontkivskiy, is an improvement in the external trade situation. “The main influence on the Ukrainian economy will come from growing demand for export commodities made in Ukraine,” says Mr. Piontkivskiy. “At the same time, I would like to emphasize that we don’t anticipate the pace of export demand to return to the levels seen one or two years ago any time soon. That kind of revival will take at least a few years.”

In the Government’s Draft State Budget for 2010, GDP growth has been pegged at 2.7%, inflation below 10% and the deficit at around 4.0%. As to the economic situation in the current year, World Bank economists have kept their forecast unchanged: a 15% decline in GDP and 14% inflation.

Tags: World Bank, economy