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World Bank cannot forecast economic growth for Ukraine in 2013

October 07, 2013, 19:36 UTC+3
1 pages in this article

KIEV, October 7 (Itar-Tass) - Ukraine’s Gross Domestic Product (GDP) growth is projected to be close to zero percent upon results of this year, the World Bank’s Regional Director for Belarus, Moldova and Ukraine Qimiao Fan told a news conference on Monday.

He considers the country’s present-day economic situation as far from favourable, due to the decreasing demand in Ukraine-manufactured products (mainly those made by the metallurgical facilities) on the global market. Touching upon another factor, Qimiao Fan mentioned delayed reforms in the country.

The World Bank’s expert is confident that the situation may lead to the widening of macroeconomic imbalances. And, it will be more complicated to curb the misbalances of the kind in the future.

In his words, the Bank believes that the GDP growth will be close to zero percent. Qimiao Fan noted that Ukraine’s prospects for 2014-2015 depend on whether the government of the republic is ready to implement structural reforms.

In particular, the World Bank’s representative highlighted the urgent need to reform residential gas and heating tariffs and better target social assistance to the poor in Ukraine.

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