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«AgroInvest» — News — Ukraine GDP growth will slow in 2011 to 4% - World Bank

Ukraine GDP growth will slow in 2011 to 4% - World Bank

2011-01-19 16:06:30

GDP growth in Ukraine in 2011 will slow down and make 4%. This is stated in a press release of the World Bank.

According to World Bank forecasts, GDP growth in Ukraine in 2011 will amount to 4%. A significant increase in steel prices and recovery in exports, helped by an increase in external demand, allowed Ukraine to grow in 2010 after a sharp decline of GDP by 15.1% in 2009. Renewal of the agreement with the International Monetary Fund (IMF) has helped restore access to foreign capital markets.

The projected slowdown in 2011 reflects the adoption of planned austerity measures in the framework of macroeconomic policies in accordance with the IMF program and the expected reduction in external demand, especially from Russia and the EU. In 2012, an increase in external demand is expected to become the basis for accelerating the pace of GDP growth by 4.5%.

A press release of the World Bank says that medium-term growth prospects of Ukraine's GDP would be significantly improved if Ukraine has eliminated the current limitation on exports (quotas for grains and the delay in VAT refunds), and would speed up structural reforms.

UKRINFORM