EBRD lowers Ukraine's 2014 growth to 1.5%

The European Bank for Reconstruction and Development (EBRD) on Monday lowered its 2014 gross domestic product (GDP) growth projection for Ukraine to 1.5 percent. The downward revision, from the 2.5 percent projected in May, was due to "challenging trends in foreign markets, poor business environment and political uncertainty," the bank said in a statement. Meanwhile, the bank has left its forecast for Ukraine's economic growth this year unchanged at 0.5 percent. Ukraine's GDP declined by 1.1 percent in the first half of the year. However, the government's outlook for 2013 economic growth remained unchanged between 2.5 and 3.4 percent.