World Bank analysts note that the Ukrainian economy has returned to a positive growth of 0.1% in the first quarter of 2016, the Bank said in its recent Global Economic Prospects report.
”The contraction of 9.9% in 2015 was not as severe as previously anticipated. Other data so far this year also suggest that the recession has bottomed out,” the World Bank said in its report.
Following steep price increases in 2014 and 2015 associated with the devaluation of the hryvnia and price reforms, inflation slowed as the currency stabilized, enabling a lowering of policy interest rates to 18% in May, as noted in the report.
”The western part of Ukraine is not directly hurt by conflict and restored, however, exports and imports are at a level more than twice lower than in 2012 and remain weak ability of the banking sector to credit severely restricted,” World Bank experts noted.
Overall, the World Bank has maintained its forecast for Ukraine`s economic growth in 2016 at 1%. World Bank analysts insist the country will be able to see growth of 2% no earlier than in 2017.
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