based on current global trends and the emergence of a pandemic COVID-19 government of Ukraine has revised the assumptions and the forecast of economic and social development of the country in 2020.
In the Cabinet of Ministers noted that the main changes to the forecast is the result of the substantial decline of the entire global economy and implementing large-scale measures aimed at deterring and combating COVID-19, both in Ukraine and in most countries of the world.
as a result, the forecast of Ukraine's GDP this year was revised - now expected to fall by 3.9% compared with growth of 3.7% that was predicted prior to the global crisis. The unemployment rate amounted to 9.4% against the forecast of 8.1%, and the decline in real wages by 0.3 percent.
At the same time, from the second half of the year expected recovery of economic growth and its acceleration in subsequent years. Among the reasons is the high demand in the world for the products of domestic agriculture, more sustainable banking system in comparison with the previous crisis episodes, the decline in prices of imported energy products, the continuation of structural reforms in cooperation with international partners.
the Average annual hryvnia exchange rate is projected at 29.5 hryvnia per U.S. dollar (compared to 27 hryvnia, projected in October 2019). The growth of prices in the consumer market only temporarily to accelerate to 8.7% (compared with 5.5% in the previous forecast), and next year will return to target 5%.
Updated the main projected macro indicators of economic and social development of Ukraine for 2020 will be used when viewing the State budget in 2020.
