The negative impact of the COVID-19 pandemic may be deeper and longer than predicted.
The negative impact of the COVID-19 pandemic may be deeper and longer than predicted, posing a significant risk to the economy. The regulator’s press service said this was stated during a meeting by members of the Monetary Policy Committee (ILC) of the National Bank of Ukraine (NBU).
He said, “Consumption will come down due to unemployment and weak wage growth. Investment demand will also be suppressed, especially due to declining financial performance and expectations of enterprises. Accordingly, the economy requires both fiscal and monetary stimulus, ”the message says.
Members of the ILC also specified that the gradual phase out of quarantine contributed to the revival of economic activity.
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It was previously reported that Europe has been experiencing an unprecedented economic shock since the Great Depression. The amount of recession and the amount of recovery will be uneven, as they depend on the speed with which isolation measures can be taken, on the value of services such as tourism and financial resources of each country in each economy.
Read: How developing countries fight coronacrosis – IMF data
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According to the content Interfax-Ukraine