IMF predicts three percent decline in Ukraine’s economy

IMF predicts three percent decline in Ukraine's economy

Europe News Desk!! The International Monetary Fund (IMF) has predicted a three percent contraction in Ukraine’s economy this year. Earlier in the year 2022, a decline of 30.3 percent was seen in the gross domestic product (GDP) of the war-affected country. The news agency Ukrainform has given this news on Tuesday citing the newly released World Economic Outlook report of the IMF. The report said that inflation in Ukraine will remain modest this year and the consumer price index will be recorded at 21.1 percent. Earlier, the rate of retail inflation in 2022 was 20.2 percent. The unemployment rate will drop from 24.5 percent in 2022 to 20.9 percent in 2023, Xinhua news agency quoted the report as saying. Earlier this month, the World Bank projected that Ukraine’s GDP would grow by 0.5 percent this year. According to preliminary estimates by the Ukrainian government, the country’s economy is set to shrink by 29.2 percent in 2022.


World News Desk!!


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