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World Bank's regional director for Ukraine

World Bank: Ukraine’s Economy will Start Growing in 2016

World Bank sees signs of economic stabilization in Ukraine and says economic growth can already be expected in the country in 2016. World Bank’s country director for Belorussia, Moldova and Ukraine Qimiao Fan stated at a press conference.

“We see the early signs of stabilization. The fiscal deficit has been lessened and we see the signs of the banking sector’s stabilization. Apart from that, the currency has become more stable and Ukraine’s foreign reserves have increased thanks to the international organizations’ assistance,” the World Bank regional director said.

“If Ukraine’s government wants to achieve economic growth by next year, it has to continue its reforms in the banking and energy sectors. Improving the business sphere and holding a court reform would also be necessary,” Qimiao Fan added. “These are structural reforms that are necessary for the future growth of the country. I am optimistic in regard that the country’s economy will start to recover the next year,” World Bank director noted.

According to the analysis of the economic development of Ukraine, given in mid-August, the fall of Ukraine’s GDP in the first half of 2015 $ 16, 3%. In addition, in early August, the government approved two scenarios predict economic dynamics, for both the GDP growth in 2016 is 2% and a decline of 0, 3%. The head of the Ministry Aivaras Abromavicius expects growth of economic indicators for the fourth quarter of this year.