Ukraine's GDP To Fall By 6% By End Of 2020 In Case Of Full COVID Lockdown - National Bank

Ukraine's economy is estimated to shrink by 5-6 percent by the end of 2020 in the case that a full lockdown is imposed over the coronavirus pandemic and by 4-5 percent if a weekend quarantine, which was introduced in November, persists, Deputy Governor of the National Bank of Ukraine (NBU) Dmytro Sologub told the LIGA.net news website on Tuesday

KIEV (UrduPoint News / Sputnik - 01st December, 2020) Ukraine's economy is estimated to shrink by 5-6 percent by the end of 2020 in the case that a full lockdown is imposed over the coronavirus pandemic and by 4-5 percent if a weekend quarantine, which was introduced in November, persists, Deputy Governor of the National Bank of Ukraine (NBU) Dmytro Sologub told the LIGA.net news website on Tuesday.

The Ukrainian cabinet and National Security and Defense Council held talks on Monday to discuss the necessity of introducing a full lockdown in the country to curb the virus. Following the meeting, Health Minister Maksym Stepanov said that he would not propose that the government extend the weekend lockdown.

"Taking into account the good result of the third quarter, if we say that there will be a weekend quarantine until the end of the year, then the economic decline will amount to 4-5 percent. If a full lockdown is introduced, then we are talking about a 5-6-percent fall in the GDP," Sologub said, adding that the weekend quarantine had resulted in a GDP drop of 0.2 percent in November.

The weekend quarantine was introduced in Ukraine on November 14 and remained in force until the end of the month. In particular, on weekends, only grocery stores, gas stations, pharmacies, post offices and banks are allowed to work.