Ukraine cabinet extends quarantine to Apr. 24

26 March 2020

Ukraine's Cabinet of Ministers announced this afternoon it has decided to extend the nationwide quarantine to Apr. 24 (from Apr. 3 previously) and introduce a national state of emergency for that period.

 

Zenon Zawada: This doesn't come as a surprise. Most of the rough economic and financial forecasts so far likely took this possibility into account. This biggest risk this poses is political tensions if the government decides to pursue controversial measures, particularly with the farmland market's creation and current attempts to resolve the warfare in Donbas.

 

We expect this extension of the current severe measures, which have halted much of the country's manufacturing and service enterprises, will kill Ukraine’s economic growth in 2020. The restrictions on business will likely cause Ukraine’s GDP to fall by more than 3% this year. At the same time, the negative effect of these measures on Ukraine’s currency is likely to be limited, as dried out liquidity from business will limit currency speculation.   


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