Zelensky’s Office predicts economic recovery in Ukraine in 2021

2021 is expected to be a year of economic growth.

Ukraine’s economy will begin to recover in 2021 thanks to positive trends in foreign markets and the monetary policy pursued by the National Bank of Ukraine (NBU).

This was stated by adviser to the President of Ukraine on economic issues Oleh Ustenko, according to the press service of President Volodymyr Zelensky’s Office.

“If we talk about 2021 in general, we expect this will be a year of economic growth, a year of gradual recovery of the entire global economy, and, of course, the Ukrainian economy,” he said.

The presidential adviser noted improvements in the situation on the world financial markets.

“Since the end of the U.S. election campaign and the recent inauguration of the 46th U.S. President Joe Biden, all stock markets have gone up, which means that both lenders and investors have begun to be active. In general, international markets have grown by more than 15% for this. This means that investors who were previously looking for safe havens are now starting to look for investment opportunities, which means that Ukraine, which is in the group of emerging economies, can now actively compete for resources and rely on global investment,” Ustenko said.

According to him, another additional impetus for economic growth can be government programs to stimulate the economy, such as Grand Construction, and the construction of large infrastructure facilities, because this contributes to the creation of new jobs, supports domestic machine building, etc.

“In addition, there is an outlook that in 2021, the world will come out of the crisis associated with the coronavirus pandemic. Ukraine will begin to receive a vaccine. Negotiations are constantly underway on the part of the Health Ministry, the president is in touch with foreign leaders about the possibility of Ukraine receiving a vaccine, and there is a hope that this will be implemented quickly enough,” Ustenko noted.

According to him, all these factors will help the Ukrainian economy embark on the recovery track.

“A trajectory for the recovery will be at the level of 4-4.5% growth in 2021. The growth could be even greater if it is possible to actively encourage investment in the economy not only from outside, but also inside the country,” he added.



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