Macro Review-Bumpy recovery underway
Ukrainian economy continues to recover after the lockdown. The sharp easing of restrictions in June gave a strong impetus to economic recovery. In July, some indicators of economic activity exceeded pre-pandemic levels, such as retail sales, or came close, as industrial production and real wages did. However, new outbreaks of coronavirus globally and in Ukraine, accompanied by the return of certain restrictions or the delay of previously planned mitigants, made consumers and business more cautious, and this started to restrain the rapid growth. And while we do not expect another severe lockdown, the negative effects of the pandemic will be felt on both potential output and aggregate demand.
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