Ukraine’s GDP fell by 5.9 percent in January-may 2020. This is stated in the review published by the Ministry of economy of the country.

the document notes that the negative impact of coronavirus and “the effect of other factors prevailing in the previous period”, continue to hinder the development of most economic activities. However, due to the weakening of quarantine restrictions in many industries the rate of decline has slowed. In this context, improved expectations index of business activity from 29.9 points in April to 37 in may.

In the first quarter, GDP decreased by 1.3 percent compared with growth of 2.9 percent over the same period last year. The international monetary Fund predicts economic slowdown to 8.2 percent in 2020. The state budget is based on forecasts a GDP decline of 3.9 percent.

Earlier, Ukraine has warned about the risk of default due to the debt to foreign creditors. Only this year the country will need to refinance old loans in the amount of $ 17 billion.