MAIN TRADE PARTNERS OF UKRAINE IN % FROM TOTAL VOLUME (EXPORT FROM UKRAINE TO OTHER COUNTRIES) JAN-MAY 2021
Oxford Economics has downgraded the forecast for Ukraine’s GDP growth in 2021 to 4% from 4.4% in the July forecast, and the risks of further lockdowns and expectations of tightening fiscal and monetary policy led to a deterioration in the forecast for economic growth in 2022 from 4.2% to 3.5%.
The disappointing Q2 data prompted us to cut our 2021 GDP growth forecast to 4% from 4.4% last month. And with Ukraine’s vaccination rate being one of the lowest in Europe, the COVID-19 infection rate may rise sharply again, according to the forecast of Oxford Economics for August.
According to the analysts, due to the lack of vaccines and hesitation regarding vaccination, the proportion of fully vaccinated is kept at less than 7% of the population. These factors pose significant downside risks to short-term growth forecasts.
Oxford Economics expects inflation to average 9.2% this year, with further declines to 6.7% and 5.4% in 2022 and 2023. At the same time, the hryvnia exchange rate on average in 2021 is projected at the level of UAH 28.4/$1, in 2022 – UAH 29.3/$1, in 2023 – UAH 29.4/$1.
As for further cooperation with the International Monetary Fund (IMF), the resumption of the Stand-By Arrangement this year, Oxford Economics considers it unlikely, since the government manages the proceeds from two issues of eurobonds. The upcoming peak public debt repayments will help cover $ 2.7 billion from the new IMF SDR allocation.
In 2022, Ukraine will have to pay $ 6.5 billion on public debt. This year, Ukraine may miss the chance to receive a new tranche of the IMF due to lack of political will. In this case, the resumption of cooperation with the fund next year remains probable, the forecast says.
National bank of Ukraine’s official rates as of 27/08/21
Source: National Bank of Ukraine
Official rates of banking metals from national bank as of August 27
One troy ounce=31.10 grams
Pharmaceutical company Farmak (Kyiv) will set up a representative office in Vietnam.
As the company said in the information disclosure system of the National Securities and Stock Market Commission, such a decision was made by its supervisory board on August 19 in order to carry out economic activities in Vietnam.
Farmak is the leader of the Ukrainian pharmaceutical market. The company’s product portfolio includes about 200 brands. Among the main directions are endocrinological, gastroenterological, cardiological, neurological, anti-cold and other drugs.
The company annually reinvests up to 90% of its profits in development. In total, more than $310 million have been invested in the modernization of production since 1995. Annual investments in research and development are approximately $15 million.
Over 2020, Farmak increased its net profit by 7.8% compared to 2019, to UAH 1.138 billion, and sales income reached UAH 7.5 billion.
The export share increased to 29.6% in total sales. Export deliveries increased by 40% over the year. The company exports its products to more than 25 countries around the world.
On August, 28 and 29 the «Kyivan Rus Park» invites to the horse-trick show «The Princely druzhina». The guests will see the knightly tournaments, the Princely hunt, horse-trick performances, will take part in the ancient Slavic amusements, rites, fiery round dances and master-classes. Also the guests will be awaited by the walks on horseback, tasty dishes prepared on open fire, master classes and many more from the life of the medieval city.
Ancient Kyiv opens at 10:00. The program starts at 13:30.
The ticket price: a full adult ticket – 200 UAH, for pensioners and students – 150 UAH, for schoolchildren – 80 UAH, for preschool children – for free.
Ancient Kyiv in the «Kyivan Rus Park» is located in Kyiv region, Obukhiv district, the vill. Kopachiv.
Details on the website www.parkkyivrus.com
The Interfax subscribers can save money with the “openbusiness-20” promo code for a 20%-discount for a full price adult ticket to the Principality of Kyivan Rus:
– by previous order by tel.: +38 044 461-99-37, +38 050 385-20-35
– or at the cash desk at the entrance to the «Kyivan Rus Park».
