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Economy ministry cuts Ukraine's 2023 GDP growth forecast to 1%

by The Kyiv Independent news desk March 7, 2023 2:27 AM 1 min read
This audio is created with AI assistance

Ukraine's Ministry of Economy has lowered its GDP growth forecast for 2023 to 1%, the Interfax Ukraine news agency reported on March 6, citing Deputy Minister Oleksii Sobolev.

The ministry had previously projected that the economy, which has been hit by Russia's invasion and shrank by about a third last year, would grow 3.2% this year.

This is the largest fall since Ukraine declared independence from the Soviet Union in 1991.

Speaking at an event in Kyiv, Sobolev said the new figure was based on the assessment that fighting would continue beyond the middle of this year.

"It seems that we have passed the peak of inflation - it is gradually starting to decline. We predict that it will decrease from 26.6% in 2022 to 24%," he said at a discussion organized by the Center for Economic Strategy on March 6.

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