Ukrainian President Viktor Yushchenko has warned that the country's economy may have shrunk by as much as 20 percent in the first quarter of the year, as the global crisis put an end to a prolonged spell of boisterous growth.
AFP - Ukraine's economy shrank by around 20 percent in the first quarter of this year, President Viktor Yushchenko said Monday.
"For the first quarter we expect a fall of 20 percent... maybe 23 percent," Yushchenko said at an economic forum in Kiev, quoted by Interfax news agency.
Yushchenko's assessment was by comparison with the same quarter last year, a senior official at the presidential administration, Roman Zhukovsky, told AFP.
Ukraine has been severely hit by the world economic crisis, after enjoying growth of around seven percent annually between 2000 and 2007.
Date created : 2009-05-25