IMF explained upgrade of Ukraine’s GDP forecast

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The IMF links upgraded Ukraine’s GDP forecast for 2020 with a faster-than-expected recovery of some indicators of the country’s economic development in the second quarter of this year, ukrinform reported.

“This [upgraded Ukraine’s GDP forecast] reflects a better outturn in the second quarter. We saw that retail trade and consumption were rebounding faster than we expected. Therefore we have upgraded our forecast from our June projections,” IMF European Department Director Alfred Kammer told an Ukrinform correspondent in Washington, D.C. on Wednesday.

At the same time, Kammer emphasized that the downside risks remained exceptionally large.

“We need to see, how the second wave [of COVID-19] is going to develop,” the IMF European Department Director noted. According to him, the IMF expects that the second wave of the pandemic will certainly affect the economy.

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