IMF raises Ukraine's economic growth outlook to 2% in 2023
© Reuters. FILE PHOTO: People shop at a local market in the course of Russia-Ukraine conflict in Mariupol, Russian-controlled Ukraine, February 11, 2023. REUTERS/Alexander Ermochenko/File photo
The Fund said in its latest outlook that the increase was due to a stronger-than-expected growth in domestic demand as companies and households adapted to Russia's invasion, with inflation declining and foreign exchange markets stable. In almost 20 months of war, many soldiers and civilians have been killed, millions of people have fled abroad and exports from Ukraine's Black Sea ports have been blocked. Cities across Ukraine have suffered widespread destruction, and the power sector and other critical facilities have came under frequent Russian missile and drone attacks.
The government expects GDP to grow by about 5% this year and next. Preliminary government data showed GDP grew by 5.3% in the first nine months of 2023 compared with the same period a year ago.
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