KYIV, April 24 – Ukraine’s economy will probably contract 5% on the year in 2020 due to the coronavirus pandemic, the National Bank of Ukraine reported Friday. The previous forecast was for 3.5% growth.

Ukraine’s economy will grow faster next year and will probably expand 4.3% on the year in 2021, up from 4% earlier expected, the NBU said.

"The adverse impact of the pandemic on the Ukrainian economy is expected to be relatively short-term, but strong. The quarantine has already affected business activity, consumption, and employment. A decrease in global demand has also limited export opportunities for Ukraine," the central bank said.