KYIV, Oct 5 –The World Bank forecasts Ukraine's GDP growth by 3.5% in 2023 and 4.0% in 2024, which is 1.5 percentage points (p.p.) and 0.5 p.p., respectively, higher than June estimates, the organization said in its updated economic forecast for developing countries in Europe and Central Asia on Thursday.

"A more stable electricity supply, increased government spending, large external assistance, a better than earlier expected harvest, and improving consumer and business confidence supported a gradual pickup in activity in the first half of this year, following a sharp contraction a year ago," the World Bank explained the improvement in the forecast.