World Bank's outlook of Ukrainian economy growth excessively pessimistic - Ustenko
2013-04-02 16:20:59
The World Bank has an excessively pessimistic position in its outlook of the Ukrainian economy growth for 2013 and 2014.
Executive Director of the International Bleyzer Foundation Oleh Ustenko commented in this way on the World Bank's downgrading Ukraine's GDP growth outlook to 1% in 2013 to 3% in 2014.
"If to think that the internal market is not actively developing in 2013, so it is excessively pessimistic to ignore the fact that it will intensify in 2014. I think that everything is not so bad," Ustenko said.
As the expert explained, the World Bank's pessimistic outlook is related to the fact that the global outlook has been downgraded for several countries and, primarily, for the Eurozone.
"Germany downgraded its outlook of GDP growth for 2013 from 0.8% tо 0.3%, and considerable percentage of Ukrainian exports fall on Germany - 2.4%. In addition, outlook was downgraded for all European Union countries, where 24.8% of Ukrainian export goes," the economist explained.
As the expert noted, the World Bank just fixes the system of coordinates in the Ukrainian GDP structure, which exists now.
They believe that the GDP structure of Ukraine will not change, so under worsening of external factors, the economy growth outlook is also downgraded, occupying a more pessimistic position," Ustenko said.
At the same time, he stressed that in case of successful implementation of import substitution programs in Ukraine, reduction of export dependence, including the program of the internal market development, the Ukrainian economy will show much greater growth this year against the World Bank's outlook.
"In addition, the World Bank made its forecast based on data of the first two months. But do not despair, the year has just begun and it is not obvious that this situation will persist for the whole year," the economist noted.