EBRD revises down forecast for Ukraine's economic growthStaff writer ▼ | November 9, 2015
The European Bank for Reconstruction and Development (EBRD) said the Ukrainian economy would contract more sharply this year than it had estimated earlier.
Prediction The Ukrainian government forecasted growth of 2.2 percent
The EBRD attributed the downward revision to the sharp decline of the Ukrainian economy in the first two quarters of this year and continued domestic and regional risks, such as widening state deficit, shrinking exports and possible escalation of the situation in eastern regions, the country's industrial heartland.
While noting that Ukrainian economy is expected to fare better next year, it has cut the projection of the country's 2016 GDP growth to 2 percent from the previous estimates of 3 percent.
The Ukrainian government has forecasted earlier that the country's economy will rise by 2.2 percent in 2016 after contracting by 8.9 percent this year. ■