The country's economy has been hit hard by the COVID-19 pandemic restrictions and contracted by 4.4 percent last year. In the first quarter of this year, Ukraine's gross domestic product (GDP) contracted by 2 percent year-on-year, casting doubt on 2021 growth predictions, which are in the range of 4-5 percent.

The agency forecast economic growth of 2.1 percent in 2021 and 2.9 percent in 2022, below the projected 'BB'-median of 4.2 percent growth.