The IMF predicted the growth of Ukraineʼs economy by 2% in 2023

The International Monetary Fund (IMF) has updated the long-term forecast for Ukraine to the review of the world economy — World Economic Outlook.

The report says that this year the gross domestic product of Ukraine will grow by 2%, and next year the economy will grow by 3.2%. At the same time, in 2022, GDP fell by 29.1%.

The IMF believes that the Ukrainian economy will grow by 4% in 2028.

The improvement in the GDP growth forecast was caused by domestic demand, which turned out to be greater than expected. Companies are adapting to wartime operations amid lower inflation and stable currency markets.

The world economy will grow by 3% in 2023 and by 2.9% in 2024.

• In June , the World Bank lowered the projected growth of Ukraineʼs GDP in 2023 from 3.3 to 2%. In October 2022, the World Bank for the first time improved Ukraineʼs GDP growth forecast for the next year — from 2.1 to 3.3%, but the forecast changed due to the destruction of the energy infrastructure in the fourth quarter of 2022.
• In May, the International Monetary Fund updated its forecast for the development of Ukraineʼs economy for the period from 2023 to 2027. They say that despite the war, the Ukrainian authorities managed to maintain overall macroeconomic and financial stability thanks to rational policies and significant external support. At that time, the IMF predicted that Ukraineʼs GDP could fall by 3% or grow by 1%.