Wednesday, 2 Jul 2025
America Age
  • Trending
  • World
  • Politics
  • Opinion
  • Business
    • Economy
    • Real Estate
    • Money
    • Crypto & NFTs
  • Tech
  • Lifestyle
    • Lifestyle
    • Food
    • Travel
    • Fashion / Beauty
    • Art & Books
    • Culture
  • Health
  • Sports
  • Entertainment
Font ResizerAa
America AgeAmerica Age
Search
  • Trending
  • World
  • Politics
  • Opinion
  • Business
    • Economy
    • Real Estate
    • Money
    • Crypto & NFTs
  • Tech
  • Lifestyle
    • Lifestyle
    • Food
    • Travel
    • Fashion / Beauty
    • Art & Books
    • Culture
  • Health
  • Sports
  • Entertainment
Have an existing account? Sign In
Follow US
© 2024 America Age. All Rights Reserved.
America Age > Blog > World > Ukraine’s Resilience Helps Halt Economic Drop, Central Banker Says
World

Ukraine’s Resilience Helps Halt Economic Drop, Central Banker Says

Enspirers | Editorial Board
Share
Ukraine’s Resilience Helps Halt Economic Drop, Central Banker Says
SHARE

(Bloomberg) — Ukrainians’ resilience is helping arrest a plunge in economic growth, and inflation is accelerating slower than expected in the face of Russia’s campaign to destroy the nation’s energy infrastructure, the head of the central bank said.

Most Read from Bloomberg

Households and businesses have kept working and avoided spreading panic in the currency and banking markets, in a show of resistance as the war enters its 11th month, National Bank of Ukraine Governor Andriy Pyshnyi said in an interview. That may be enough for the economy to level off or grow slightly next year, after a more than 30% contraction this year, he said.

“We see that the economy — and this is an amazing thing — shows adaptability, resilience and flexibility,” Pyshnyi said in his office in downtown Kyiv last week as air-raid sirens sounded across the capital. “Ukrainians are modeling unique behavior in unprecedentedly stressful situations.”

Even with the Economy Ministry questioning whether next year’s growth forecasts will materialize, Pyshnyi said there is reason for optimism. He attributed a slower-than-expected decline in the third quarter to the efficiency of air-defense systems, relatively quick repairs to the power grid, and the unbreakable will of the people.

In the best-case scenario, the central bank sees the economy expanding as much as by 1% next year, matching the International Monetary Fund’s outlook, according to Pyshnyi.

“We’ve already discussed that this resilience driver should be taken into account” by the central bank’s research staff, he said. “We are kind of a laboratory” that the world can study to improve forecasting, he said.

One indication that households and business are learning to cope with the war’s impact is monthly increases in payment-card transactions despite increasingly frequent power outages, Pyshnyi said. Another is the number of diesel generators imported this year. Some 500,000 are helping the country continue working in the face of hours-long blackouts, according to the Prime Minister Denys Shmyhal.

Even with the higher cost of using diesel generators, year-end consumer inflation will probably come in at about 28%, below the current 30% forecast, Pyshnyi said.

The “tendency toward improvement,” however, is no reason to cut interest rates yet, he said, as the monetary policy committee has a unanimous understanding that the balance of inflation risk is upward. Price growth is likely to accelerate in the first quarter, before starting to slow in the second quarter, he said.

“As of today, we don’t see grounds for revising the key policy rate in the coming four months,” he said.

A key driver for the economy next year will be unlocking billions of dollars in loans from the International Monetary Fund, he said.

The government in Kyiv plans to work with an IMF mission in February and move to review the provisional program the following month. Part of the discussion is whether the Washington-based lender will stick to its tenet of not lending funds to countries at war. Pyshnyi said there was a chance to come to an agreement.

“The discussion taking place now within the International Monetary Fund gives us optimism,” Pyshnyi said. “We are now rewriting rules. This full-scale war should force a rethinking of regulations and approaches not only in international financial organizations, but also in international politics.”

–With assistance from Olesia Safronova.

Most Read from Bloomberg Businessweek

©2022 Bloomberg L.P.

Share This Article
Twitter Email Copy Link Print
Previous Article Khloé Kardashian shares rare photo of her baby boy: How the stars celebrated Christmas Khloé Kardashian shares rare photo of her baby boy: How the stars celebrated Christmas
Next Article Putin’s war plan for 2023. What to expect in Ukraine Putin’s war plan for 2023. What to expect in Ukraine

Your Trusted Source for Accurate and Timely Updates!

Our commitment to accuracy, impartiality, and delivering breaking news as it happens has earned us the trust of a vast audience. Stay ahead with real-time updates on the latest events, trends.
FacebookLike
TwitterFollow
InstagramFollow
LinkedInFollow
MediumFollow
QuoraFollow
- Advertisement -
Ad image

Popular Posts

Actor playing Uncle Phil in ‘Fresh Prince’ reboot says role is ‘tribute’ to James Avery

In an era of reboots, Peacock’s highly anticipated “Bel-Air” offers a unique twist.The series re-imagines…

By Enspirers | Editorial Board

Nicholas Goldberg: The hijab is rallying protesters in Iran, but the unrest is about so much more.

Protesters in the streets of Tehran in September, days after Mahsa Amini died in police…

By Enspirers | Editorial Board

The GoveeLife sensible air air purifier is again right down to its lowest value at Amazon

SAVE 35%: As of Could 21, you will get the GoveeLife Good Air Air purifier…

By Enspirers | Editorial Board

UPDATE 1-China’s Xi says country will continue to open up, share opportunities

(Adds quotes, detail, background)SHANGHAI, Nov 4 (Reuters) - China will continue to open up and…

By Enspirers | Editorial Board

You Might Also Like

Not less than 16 folks killed and 400 injured in Kenyan protests
World

Not less than 16 folks killed and 400 injured in Kenyan protests

By Enspirers | Editorial Board
‘We won’t allow them to get away with this’: activists to sue Tanzania’s authorities over ‘sexual torture’
World

‘We won’t allow them to get away with this’: activists to sue Tanzania’s authorities over ‘sexual torture’

By Enspirers | Editorial Board
Witnesses describe grim aftermath of Israeli strike on busy Gaza cafe
World

Witnesses describe grim aftermath of Israeli strike on busy Gaza cafe

By Enspirers | Editorial Board
Temperature data shatter as heatwave grips Europe and UK data hottest day of yr – because it occurred
World

Temperature data shatter as heatwave grips Europe and UK data hottest day of yr – because it occurred

By Enspirers | Editorial Board
America Age
Facebook Twitter Youtube

About US


America Age: Your instant connection to breaking stories and live updates. Stay informed with our real-time coverage across politics, tech, entertainment, and more. Your reliable source for 24/7 news.

Company
  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • WP Creative Group
  • Accessibility Statement
Contact Us
  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability
Terms of Use
  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices
© 2024 America Age. All Rights Reserved.
Welcome Back!

Sign in to your account

Lost your password?