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Ukraine's central bank downgrades economic growth outlook for next two years

Xinhua, October 27, 2016 Adjust font size:

Ukraine's central bank on Thursday downgraded its projection for the country's economic growth for the next two years, citing export challenges.

The outlook for 2017 was revised down from a growth rate of 3 percent to 2.5 percent, while the forecast for 2018 was downgraded to 3.5 percent from 4 percent, the bank said in a statement.

"The weaker GDP growth forecast reflects the revision of assumptions related to a worsened external environment for Ukrainian exporters," the bank said.

At the same time, the bank expects more investments in the economy in the next two years, which will lay ground for acceleration of the growth pace in the long-term perspective.

"A pickup in investment activity is expected to be the key driver of economic growth. Lower risks of the escalation of the military conflict stimulate economic agents' appetite to take investment and long-term consumer decisions," the bank said.

The outlook for for this year was maintained at a growth rate of 1.1 percent compared with a 9.9 percent decline in 2015. Endi