KYIV, March 30 – Ukraine’s economy may contract 2.6% on the year in 2020 in the best case scenario if the government secures lending from the International Monetary Fund soon, J.P. Morgan investment bank said in research report.

Ukraine is expected to be hit hard in the first quarter of the year, followed by a massive hit in the second quarter, before the situation can stabilize.

“The fall in the second quarter is likely to be significant, that is, about 30%, because Ukraine faces a severe external shock and stops in domestic production,” the report said.