The government expects an 8% drop in Ukraine’s GDP in 2020

The updated government’s action plan is sent to the Verkhovna Rada for consideration

The Cabinet of Ministers of Ukraine expects an 8% drop in Ukraine’s GDP in 2020. Earlier, the government predicted a 4% decline in the Ukrainian economy,

according to the updated government’s action plan published on the Government Portal.

“Ukraine is traditionally more vulnerable to economic shocks, and therefore, their implications hit it stronger,” the document says.

The updated government’s action plan provides for measures in support of domestic manufacturers and incentives for business development in Ukraine.

Specifically, the program provides for:

• at least a 5% average annual increase in volume of exports;
• increase in the share of exports of goods to the EU in the total exports of goods.

In early April, the government approved its updated action plan. It provides for a number of measures to support small and medium-sized businesses, national industry and exporters. The Ukrainian Parliament however returned the government’s program for finalization.

As reported earlier, the Cabinet of Ministers is also going to launch the program to support industry and exporters. It will provide for the preferential loan conditions and requirements for production localization.