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The National Bank of Ukraine has downgraded Ukraine’s economic growth from 3.8 percent to 3.1 percent for 2021.

The forecasted economic growth in Ukraine has been downgraded from 3.8 percent to 3.1 percent by the National Bank of Ukraine, Kyiv Post reports. The downgrade happens because of the pandemic and the rising gas prices, the bank said.

“The impact of the pandemic was longer and more significant (than predicted). This, together with the consequences of the sharp rise in gas prices, led to weaker results in Ukraine’s economy,” said Kyrylo Shevchenko, the governor of NBU.

NBU has also revisited their forecasts for the coming years as well. The GDP growth projection for 2022 has been lowered a bit from 4 percent to 3.8 percent. Growth in 2023 is expected at 4 percent.

The pandemic is not looking like it will release it’s hold over Ukraine anytime soon. In the past 24 hours, 23,785 new cases of COVID-19 has been registered in Ukraine. 614 deaths has been recorded, breaking yet another record.