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Ukraine's pessimistic scenario sees GDP contraction in 2015 at 11.9 pct

Xinhua, March 6, 2015 Adjust font size:

The Ukrainian government said on Thursday it expected gross domestic product (GDP) to fall 11.9 percent this year under a pessimistic scenario of the economy development.

According to the statement on the government's website, the inflation rate in the East European country may hit 42.8 percent at the end of the current year if there are no improvements in the economy.

Based on an optimistic scenario, the economy would contract 5.5 percent in 2015, while inflation would reach 26.7 percent, the statement said. The new government forecast is far worse than 2 to 4.3 percent of GDP fall originally planned for 2015. In December 2014, the cabinet has projected inflation for this year of no more than 13.1 percent. Ukraine's annual inflation rate spiked to 24.9 percent last year, while GDP shrank 6.7 percent. Endite