Forecast: Ukrainian economy will experience slight and steady growth until 2034 – KyivPost
Ukraine’s economy is expected to experience steady, but slight growth until 2034, according to forecasts by the World Economic League Table.
Perspectives report, published December 26, was produced by the Center for Economics and Business Research in London. In addition to making predictions, the table also ranks the world’s largest economies.
He predicts that Ukraine will drop from its current 58th place out of 193 economies to 57th place by 2024. It will maintain that rank throughout 2034, according to forecasts.
In 2020, however, Ukraine is expected to remain in 58th place.
The year 2019 saw the weakest global gross domestic product (GDP) growth since the recession of 2009. However, the situation started to improve at the end of the year, and experts predict that growth will continue in 2020.
According to the report, the Ukrainian economy grew “at a sustained rate of 3.0%” in 2019. One of the reasons for this growth is that unemployment fell by 0.3% to 8.6%.
“This rate remains high, however, and a stronger labor market would help generate more sustained growth in the years to come,” says the report.
Growth in 2019 was also weaker than in 2018, when the economy grew 3.3%. Nonetheless, the country’s GDP grew from $ 130 billion in 2018 to $ 150 billion last year.
Experts consider Ukraine’s progress in recent years to be impressive, especially since the country’s population barely increased after 2014. Since then, the average population growth rate has stood at 0, 4% per year.
“This means that the GDP per capita has increased significantly over the past five years,” the forecast says.
In addition, the Center for Economics and Business Research notes that Ukraine’s public debt as a percentage of GDP “is heading in the right direction” – it fell to just 57%, from 60.2% in 2018.
The report predicts that between 2020 and 2025, Ukraine’s GDP growth will reach an average of 3.1%. By 2024, GDP is expected to climb to $ 203 billion at current prices.
Between 2026 and 2034, the average GDP growth rate will be 3.3% and GDP will reach $ 359 billion at current prices by the end of the period.
According to the report, the United States will remain the leading country in the ranking until the 2020s. However, it will be overtaken by China in 2033.
After overtaking France and the UK, India is expected to beat both Germany and Japan by 2034, becoming the world’s third-largest economy.
Canada and Australia are expected to continue to grow and become the eighth and thirteenth largest economies, respectively, by 2034.
Poland, meanwhile, is set to make impressive progress, entering the list of the 20 largest economies, ranking 19th by 2031.
Korea and Indonesia are expected to enter the top 10 largest economies over the next fifteen years.
The most dynamic countries on the table will be the Philippines, Bangladesh and Malaysia.