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Fitch twice downgrades Ukraine’s economic outlook

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International rating agency Fitch Ratings downgraded the growth of Ukraine’s economy, reports Korrespondent.net (RU).

Instead of 2% named before, the agency now expects growth of Ukraine GDP at only 1%. GDP growth of 2% is forecast in the medium term.

“Fitch expects a moderate recovery of the Ukrainian economy, which limits the potential for improvement in asset quality indicators in the near future, as well as inhibiting the growth of the balance sheet and income generation,” reports Fitch.

BACKGROUND: in May this year, the agency lowered the forecast for economic growth to 2% from 3.9% (due to the loss of exports to Russia, the military losses, lower prices for key commodity markets and the weakness of the financial sector).

We also recommend you read: Fitch confirms Kharkiv’s rating“Fitch” confirmed Kharkiv long-term issuer default rating.

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