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IMF keeps Ukraine's 2015 economic performance forecast unchanged

Xinhua, April 14, 2015 Adjust font size:

The International Monetary Fund (IMF) Tuesday kept its forecast for Ukraine's economic performance in 2015 unchanged, projecting a contraction of the gross domestic product (GDP) by 5.5 percent.

"Ukraine's economy is expected to bottom out in 2015 as activity stabilizes with the beginning of reconstruction work, but the economy is still projected to contract," the IMF said in its latest World Economic Outlook report.

According to the document, next year Ukraine's economy will begin to recover and GDP will rise by 2 percent.

The fresh IMF's predictions were unchanged from estimates it gave in March in its macroeconomic outlook prescribed in the Extended Fund Facility program for Ukraine.

The global lender's forecast for 2015 was in line with government's optimistic projection of economic performance. A pessimistic scenario envisages that Ukraine's GDP may contract by 11.9 percent this year if there is a new round of escalation of conflict in eastern regions.

In 2014, Ukraine's economy shrank by 6.7 percent on the back of the armed confrontation between government troops and pro-independence insurgents in the country's main industrial regions, which severely harmed industry and economic activity. Endi