EBRD lowers Ukraine GDP forecasts to a 10% decline in 2009

The European Bank for Reconstruction and Development said yesterday that it downgraded its GDP forecasts for Ukraine from a decline of 5% to 10% in 2009, and zero growth in 2010. We estimate Ukraine’s real GDP to drop 12.0% in 2009, and forecast 4% growth next year (see our Macroeconomic Overview report of April 30).