KYIV, April 13 – Ukraine’s economy will probably contract 6-8% on the year in 2020 battered by the coronavirus pandemic and business closures due to the quarantine, ICU, one of the most active investment companies, said Monday.

After the sharp contraction in the first and the second quarters, the economy will gradually recover in a U-type recovery, ICU said.

"We expect that the economic downturn in Ukraine will have a U-shape with a slow recovery in the second half of the year, as the possible gradual lifting of quarantine restrictions will also be accompanied by very cautious consumer behavior and low business confidence. As a result, real GDP could fall by 6-8%, according to our optimistic baseline scenario," the group said in its macro review.