Ukraine’s economy is forecast to fall by 5.5%

International rating agency S&P Global Ratings forecasts a decline in Ukraine’s economy in 2020 by 5.5% with its subsequent recovery in 2021 by 5% in 2022 – by 3%.

Karen Vartapetov, director of S&P Global Ratings’ sovereign ratings department, believes that the economic recovery in 2020 will compensate for most of the current losses. “In the second half of the year, a rapid recovery will begin. And next year we forecast a significant increase in GDP, which will compensate for most of the losses in 2020,” he said.

Vartapetov also said that the level of Ukraine’s public debt in 2020 will be over 60% of GDP, which is 10 percentage points more than in 2019. The expert noted that Ukraine, along with Belarus, Azerbaijan, and Georgia, are the countries that need external financial assistance the most in the CIS region.

Natalia Tolub