Ukraine’s gloomy economic prospects have become darker still in recent weeks. The International Monetary Fund (IMF) now projects that Ukraine’s economy will shrink by 6.5% this year, rather than by 5.0%, its forecast early this summer.
Those figures, which bear the heavy imprint of a drop in trade with Russia and a plunge in output in the industrial heartland now controlled by separatists, are vulnerable to further revision if Russia escalates its already major gas war with Ukraine. Russia cut off gas supplies to Ukraine in June; last week, it also restricted sales to Poland, Hungary, Slovakia and Romania, in an …read more
Source: European Voice
