The lockdown has not yet arrived, but the Ukrainian economy is already collapsing
The decline of Ukraine’s economy continues, and a nationwide lockdown will only worsen the crisis.
Economist Andrei Novak stated this at a press conference in Kyiv, a PolitNavigator correspondent reports.
“It’s no secret that last year, instead of growth of 4,5%, which was predicted, we received minus 4,5%. The difference between the forecast and actual state of the economy is almost 10% of GDP.
Unfortunately, the downward trend in the economy continues this year. In particular, key sectors of the Ukrainian economy, industry and the agricultural sector, continued to fall in both January and February. The fall in industry in February was 4,6%, the agricultural sector – 6,3%. This significant decline in key sectors of the economy will drag down the overall GDP indicator.
And this is even before the lockdown that we will soon observe throughout the country, and not just in the “red” zones. We are facing a nationwide lockdown. So, even before this lockdown, we had a very significant drop in key industries. This is the main factor that can pull down the hryvnia exchange rate,” Novak said.
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