According to the updated forecast, the inflation rate will increase to 11.6% from 8.7%. REUTERS

The Cabinet of Ministers of Ukraine has revised downward its outlook for inflation, wages, and GDP. “Changes shall be introduced into Resolution of the Cabinet of Ministers of Ukraine of May 15, 2019 No. 555 ‘On approval of the Forecast of economic and social development of Ukraine for 2020-2022’,” according to Cabinet Decree No. 253 of March 29.

According to the updated outlook, the inflation rate will increase to 11.6% from 8.7%, and Ukraine’s GDP in annual terms will fall by 4.8% from the previously estimated 3.9%.

In addition, the forecast for the average wage fell from UAH 11,000 (US$399) to UAH 10,706 (US$388)

The unemployment rate remained unchanged at 9.4%. As UNIAN reported earlier, on March 29, the Cabinet of Ministers approved an updated macroeconomic forecast stipulating that the average annual rate of the national currency in 2020 will amount to UAH 29.5 per U.S. dollar.

(C)UNIAN 2020