EBRD downgrades forecast for Ukraine's GDP growth to 1% from 8% for 2023

MOSCOW. Feb 16 (Interfax) - The European Bank for Reconstruction and Development (EBRD) has downgraded its growth forecast for Ukraine's economy to 1% for 2023 from the 8% growth that the EBRD had expected in September 2022, according to the EBRD's latest Regional Economic Prospects report released on Thursday.

In 2023, real output could stabilize at around 70% in comparison to 2021, according to the report.

The EBRD also notes that the Ukrainian economy should continue to be highly dependent on the developing situation.

"Unless there are significant strategic changes on the ground, Ukraine's GDP growth is likely to be sluggish in 2024, though at least positive," the EBRD said, forecasting that the country's economy will likely grow 3% next year.

As reported, the National Bank of Ukraine expects growth of 0.3% in GDP in 2023.