Macroeconomic trends of the first quarter of 2024: an analysis of the situation from Experts Club
The Kyiv-based analytical center Experts Club, in a new video on its YouTube channel, presented an analysis of the economic trends of the first quarter of 2024 in Ukraine and the world, based on official data from the State Statistics Committee of Ukraine, the National Bank of Ukraine (NBU), the UN, the World Bank and expert forecasts. Macroeconomic indicators of Ukraine According to the center's founder Maksym Urakin, in the first quarter of 2024 Ukraine's GDP grew by 4.1%
The Kyiv-based analytical center Experts Club, in a new video on its YouTube channel, presented an analysis of the economic trends of the first quarter of 2024 in Ukraine and the world, based on official data from the State Statistics Committee of Ukraine, the National Bank of Ukraine (NBU), the UN, the World Bank and expert forecasts.
Macroeconomic indicators of Ukraine
According to the center's founder Maksym Urakin, in the first quarter of 2024 Ukraine's GDP grew by 4.1% to 5.3% compared with the same period last year.
“The main drivers of growth were increased exports of agricultural products and higher production activity in certain sectors. However, the negative balance of foreign trade in goods for the first quarter was almost 6 billion dollars, which is 10% more than last year. This is due to increased imports of energy resources after the strikes on Ukraine's energy infrastructure in March,” Urakin said.
Ukraine's public debt, according to the founder of Experts Club, reached a new historic high of 151 billion dollars, which in hryvnia terms is almost 6 trillion hryvnias. Inflation in Ukraine in the first quarter was 1% year on year, which is within the NBU's target range.
The global economy
Maksym Urakin noted that, according to analysts' forecasts, the growth rate of the world economy in 2024 will be 2%, which is below the expectations at the end of last year. The main reasons for the slowdown were high interest rates in developed countries and global geopolitical uncertainty.
“The US economy grew by 1.6% in the first quarter of 2024, which is below the growth rates seen in previous quarters, but still at an acceptable level for the country's economic development. China's economy grew by 5% thanks to a partial recovery from the crisis and state investment in the technology cluster,” the expert concluded.
He also recalled that the European Commission expects the eurozone economy to grow in 2024 by only 0.8%, that is, even less than 1%.
“High inflation and weak domestic demand remain the main problems of the EU countries. However, the British economy showed modest growth of 0.6%, which indicates a weak recovery after the pandemic and Brexit,” Urakin notes.
The economic situation in the world remains tense and depends on many factors, including geopolitical risks and changes in the global economic and political landscape. Experts Club will continue to monitor the situation and report on current and balanced news.
You can learn more about the macroeconomics of Ukraine and the world from the video at this link:
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