Ukraine's Economics Ministry forecasts 3.9% economic contraction in 2020

bne IntelliNews March 30, 2020

Ukraine’s Economy Ministry has dramatically downgraded its 2020 macroeconomic forecast and predicts a 3.9% y/y contraction in the economy in 2020, down from its previous prediction of 3.7% y/y growth at the start of the month.

IIF forecasts a contraction of -1.4% in CEE, -1.3% in Russia, but Turkish growth remains in the black in 2020

Ben Aris in Berlin March 26, 2020

The Institute of International Finance (IIF) released updated forecasts for economic growth this year for the Central and Eastern Europe (CEE) countries that show a sharp slowdown in 2020 and all except Turkey will return negative results.

Capital Economics slashes CEE growth forecasts for 2020 to -2% y/y

bne IntelliNews March 25, 2020

Economic consultancy Capital Economics has slashed its growth forecast for the Central and Eastern Europe (CEE) to a 2% y/y contractions from the previous 2.3% expansion in 2020, as a result of the coronavirus.

Ukraine's Prime Minister Denys Shmyhal causes a short flurry with gaffe confusing restructuring debt for refinancing

Ben Aris in Berlin March 24, 2020

Prime Minister Denys Shmyhal caused a short flurry when he inadvertently said Ukraine would “restructure” its external debt when he meant to say “refinance” during a TV interview on March 23.

Final version of Ukraine’s banking law agreed with IMF

Ben Aris in Berlin March 24, 2020

A final version of Ukraine’s banking law that prevents the state returning a nationalised bank to its former owner has been agreed with the IMF and should be presented to the Rada in the coming days.

Ukraine industrial output falls 1.5% in February

bne IntelliNews March 24, 2020

Ukraine's industrial output fell 1.5% y/y in February

Fitch cuts oil price outlook for 2020 from 62.5/bbl to $41/bbl on global recession fears

Ben Aris in Berlin March 24, 2020

Fitch Ratings has cut its short and medium-term oil and natural gas price assumptions in expectation of very large market oversupply in 2020.

IMF in talks to increase its assistance to Ukraine to $9.5bn

bne IntelliNews March 23, 2020

The International Monetary Fund may increase its assistance to Ukraine to a total of $9.5bn by drawing on a $50bn emergency fund it established to help low-income countries cope with the stop shock of the global coronavirus (COVID-19) pandemic

How well prepared is Ukraine to face down the coronavirus pandemic?

Ben Aris in Berlin March 22, 2020

Coronavirus is now established in Ukraine, but the epidemic there has only just got underway. Following a major economic crisis in 2014 how well prepared is Ukraine to absorb the economic shock that is clearly on the way?

Coronavirus crisis to widen rich/poor gap within Central and Eastern Europe

Clare Nuttall in Glasgow March 19, 2020

Convergence to be reversed as the economic crisis resulting from the coronavirus pandemic is set to be deeper and longer in the CIS, Ukraine, Turkey and the Western Balkans than in the EU member states of Central and Southeast Europe.

wiiw slashes 2020 growth forecast for CESEE to just 1.1%

Clare Nuttall in Glasgow March 17, 2020

Vienna-based think tank expects the coronavirus pandemic to result in the worst year for the region since the global financial crisis.

Zelenskiy holds oligarch meeting to rally business in coronavirus fight

Ben Aris in Berlin March 17, 2020

Ukrainian President Volodymyr Zelenskiy met with the top 15 Ukrainian oligarchs on the evening of March 16 to call on them to help in the country’s fight against the ballooning coronavirus (COVID-19) epidemic.

Ukraine to sack NBU management, replacement candidates named

Ben Aris in Berlin March 15, 2020

Ukraine’s government has announced that it intends to replace the management of the National Bank of Ukraine and has put out a list of candidates to take over control of the central bank.

EBRD makes €1bn available as emergency measure to fight coronavirus impact

bne IntelIiNews March 15, 2020

The EBRD has unveiled an emergency €1bn “Solidarity Package” to help companies deal with the impact of the coronavirus pandemic.

Ukraine's new cabinet offers voluntary tariff cuts for renewables, but ready to go to court in disputes

bne IntelliNews March 12, 2020

Ukraine’s new cabinet shocked investors by threatening to cut generous “green tariff” arrangements retroactively for renewable energy developers. This may prompt a raft of lawsuits from irate investors.

Ukraine shut out of international market by surging Eurobond yields

Ben Aris in Berlin March 12, 2020

The yield on Ukraine's 2028 dollar denominated Eurobonds surged 147bps to 10.91%, effectively shutting the country out of the international capital markets as it faces more than $5bn of debt repayments this year.

Ukraine-born startups raised more than half a billion dollars in 2019

Adrien Henni in Paris for East West Digital News March 12, 2020

In 2019, the venture capital and private equity funding volume for Ukrainian and Ukrainian-founded tech startups reached $544mn.

Ukraine’s inflation still falling, consumer prices growth slows to 2.4% y/y in February

bne IntelliNews March 12, 2020

Ukraine’s consumer prices dropped 0.3% m/m and to 2.4% y/y in February on the back of cooling prices for food, housing and utilities, and clothing and sportswear, the State Statistics Service reported on March 10.

Ukraine international reserves grew by 1.3% m/m in February

bne IntelliNews March 9, 2020

Ukraine's international reserves increased by 1.3% month on month, or by $330mn, to $26.623bn in February, according to the website of the National Bank of Ukraine (NBU).