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IMF confirms forecast for Ukraine's GDP growth at 1.5% in 2016

May 06, 2016, 14:11 UTC+3 LONDON
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LONDON, May 6. /TASS/. The calculations of experts of the International Monetary Fund (IMF) suggest that the real growth of Ukraine’s GDP in 2016 will amount to 1.5%, according to the IMF’s Regional Economic Issues (REI) report for the macroeconomic outlook for the Central, Eastern and Southeastern Europe (CESEE) published on Friday.

"Ukraine is expected to record positive growth supported by diminishing macroeconomic imbalances and a less challenging geopolitical situation," the report said.

According to the IMF estimates, real GDP growth in Ukraine in 2017 will amount to 2.5%. At the same time, the report notes, "In countries with greater structural challenges, more far-reaching reforms may be needed to speed up convergence. As discussed in IMF country reports, reforms in SEE non-EU and CIS economies should aim to strengthen governance, to lower administrative and trade barriers, increase competition in domestic markets, and improve the transparency and efficiency of public investment procedures. … For Ukraine, critical reforms include anti-corruption and judicial measures, tax administration reforms, and reforms of state-owned enterprises to improve corporate governance and reduce fiscal risks."

However, the IMF said that the real exports of goods and services in Ukraine will be reduced by 4.1% by the end of 2016, and the growth of this index in 2017 is expected to reach 3.6%.

Nevertheless, the Fund could not name the approximate dates of resuming financial assistance program totaling $17.5 bln, which was suspended due to political crisis in Ukraine. "We believe that there are signs that the new government is ready to continue the program. We look forward to its implementation according to schedule," Deputy Director of the European Department of the IMF Mahmood Pradhan said.

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