Kiev: The International Monetary Fund (IMF) has predicted a three percent contraction in Ukraine’s economy this year. Earlier in the year 2022, a decline of 30.3 percent was seen in the gross domestic product (GDP) of the war-affected country. This news has been given by quoting the newly released World Economic Outlook report of the IMF on Tuesday. The report said that inflation in Ukraine will remain modest this year and the consumer price index will be recorded at 21.1 percent. Earlier, the rate of retail inflation in 2022 was 20.2 percent.
The report quoted the unemployment rate as falling from 24.5 percent in 2022 to 20.9 percent in 2023. Earlier this month, the World Bank projected that Ukraine’s GDP would grow by 0.5 percent this year. As per estimates, the country’s economy shrinks by 29.2 per cent in 2022.
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