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News / 6 February 2014 | 16:02
Lytvytsky: Ukraine’s economy has all chances to grow

Lytvytsky: Ukraine’s economy has all chances to grow

To restore economic growth, Ukraine needs to renew investment demand, adviser to the NBU head Valery Lytvytsky told a press conference, ForUm correspondent reports. 

According to him, preconditions for that were formed with the recovery of GDP growth in the IV quarter of 2013.

"The recession is basically exhausted and can now be replaced by a lift. The real situation can be judged by results of the first quarter. If they are positive, an upward trend can be formed in the second year-half. The chances are very real," the financier said.

He added that the decline in prices for imported gas significantly reduces the total cost of domestic imports and thereby reinforces the current account of the balance of payments. "In turn, the financial account balance must be supported with investments from Russia, China, as well as through foreign direct investment," Lytvytsky said.

Meanwhile, macroeconomic role of the National Bank remains crucial, the expert stressed. "The regulator effectively supports the economy through hryvnia stability and maintains liquidity in the banking system. Thus, in 2013 the NBU largely mitigated the negative effects of trade disputes with Russia, fears of a new wave of global economic stagnation and other external factors," Lytvytsky concluded.

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