Poverty expected in Ukraine


Ministry of Social Policy shared expert forecast

Around 50%: In Ukraine, poverty is expected to increase. Photo:

By the end of 2020, the poverty level in Ukraine will increase from 38.5% to 45%. This was reported by the Institute of Demography of the National Academy of Sciences of Ukraine and the Ministry of Social Policy with reference to the forecasts of Social Research.

In a statement, the agency denied media reports about the sharp rise in poverty levels from 27.2% to 43.6%, citing UNICEF data, which the Ministry of Social Policy called “incorrect and in need of clarification”.

The ministry said that the 2020 events related to the COVID-19 epidemic made adjustments in the country’s socio-economic development indicators. Therefore, earlier the poverty level of the absolute norm (spending below the actual cost of living) fell from 58.6% in 2016 to 43.2% in 2018. For the 9 months of 2019, the poverty level also decreased and increased to 41.4% compared to 45% in the same period of 2018.

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Earlier, the head of the International Monetary Fund, Kristalina Georgieva, said the economic crisis caused by COVID-19 transcended the most pessimistic scenarios, as the coronovirus epidemic affects many economies more than before. Earlier, the IMF predicted that the closure of a business due to the spread of the virus would cause the world to suffer the deepest recession since the Great Depression of the 1930s, when GDP declined by 3%.

For the first time in modern history, the forecast has changed dramatically in such a short period of time. But the IMF maintains optimism and confidence at its best: it predicted a rebound of about 6% next year. However, he warned that, first, it does not compensate for the decline, and secondly, it will only happen if the virus does not return in the second wave and quarantine does not have to be re-recorded.

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