IMF estimates Ukrain`s economy to contract by 3% this year

The International Monetary Fund (IMF) projected that Ukraine's economy will fall by 3 per cent this year compared with a 30.3 per cent contraction in 2022.

Inflation in Ukraine will slightly go up, with consumer prices rising to 21.1 per cent this year compared with 20.2 per cent in 2022, Ukrinform news agency reported on Tuesday, citing a newly released World Economic Outlook (WEO) report of the IMF.

At the same time, the unemployment rate will shrink to 20.9 per cent in 2023 from 24.5 per cent in 2022, the report was quoted as saying by Xinhua news agency.

Earlier this month, the World Bank estimated that Ukraine's gross domestic product will increase by 0.5 per cent this year.

According to the preliminary estimation of the Ukrainian government, the country's economy shrank by 29.2 per cent in 2022.