KYIV, Oct 22 – The National Bank of Ukraine (NBU) has said that its forecast for Ukraine’s economic contraction in 2020 remains unchanged at 6%, but the economy will grow faster in 2021.

The economy, hit by the COVID-19 pandemic, is expected to contract 6% in 2020, but will probably grow 4.2% on the year, up from previously forecast 4%, the NBU said.

"The 2020 GDP forecast has remained unchanged. The main reason behind the year-end economic contraction lies in difficulties faced by businesses in Q2, when the strictest quarantine restrictions were in place. At the same time, business activity picked up markedly as the restrictions were eased," the NBU said.