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Economic Development Ministry improves GDP forecast for 2020

Ukraine's Ministry of Economic Development, Trade and Agriculture has predicted that the growth of the country's economy would accelerate to 3.7% in 2020, which coincides with the forecast of the World Bank, Minister Tymofiy Mylovanov has said on Facebook, according to Interfax-Ukraine.

"We also have a more optimistic 4.8% scenario provided that the government's program is successfully implemented and the business climate in Ukraine changes for the better," he wrote from Washington, where he as a member of in the Ukrainian delegation is negotiating with the International Monetary Fund (IMF), the World Bank and other international financial institutions (IFIs) during IMF Annual Meeting.

The minister said that it was about creating conditions for protecting property rights, liberalizing markets, judicial reform, the quality work of law enforcement agencies, "the remoteness between oligarchs and interested parties in government and politicians."

As reported, the macroeconomic forecast for 2019-2021, approved in May of this year by the previous government, also contains two development scenarios. The baseline scenario includes a slowdown in GDP growth from 3.3% in 2018 to 3% this year, with the acceleration to 3.8% in 2020 and 4.1% in 2021.

According to the second scenario, in 2020-2021 GDP is projected to grow at a level of 3.6%, but in 2022 it will slow down to 3.3%.

After being appointed at the end of August, Prime Minister Oleksiy Honcharuk announced the goal of achieving 40% GDP growth in five years: 5% in 2020, 7% each in the next four years.

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