World Bank maintains its forecast for Ukraine's economic growth this year
The World Bank forecasts Ukraine's GDP to grow by 3.2% this year; it stays unchanged compared to January.
Source: the bank's June report Global Economic Prospects 2024
Details: The World Bank also maintained its forecast for Ukraine's GDP growth in 2025 at 6.5%, with a reservation that the average growth rate in 2025-2026 will be 5.8%.
The report notes that the forecast is relevant provided that active hostilities continue through 2024 and then become moderate.
At the same time, the World Bank has raised its forecast for global GDP growth in 2024 to 2.6% (2.4% was expected in January).
The report says that in 2024, the global economy will stabilise for the first time in three years, but will still remain at a weak level. Following the World Bank's forecast, global economic growth will reach 2.7% in 2025-2026.
In addition, the Bank raised its forecast for Russia's GDP growth in 2024 to 2.9%.
In the US, the economy is forecast to grow by 2.5% in 2024, and the eurozone economy by 0.7%.
Background:
- The National Bank of Ukraine reduced its estimate of real GDP growth in 2024 to 3% from 3.6% in the previous macroeconomic forecast, and reduced its expectations for growth in 2025 by 0.2 pp to 5.6%, while maintaining its forecast for 2026 at 4.5%.
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