The World Bank again downgraded its forecast for the economy of Ukraine

The World Bank has lowered the forecast for the decline of Ukraine’s GDP in 2014 to 8.2% in comparison with its latest forecast of 8% in October.

This is stated in the publication of the bank "Global Economic Prospects" on Tuesday, the "Interfax-Ukraine" reported.

They downgraded forecast of the Ukraine’s GDP decline in 2015 to 2.3% from 1%, estimating the rate of recovery in 2016-2017 respectively at 3.5% and 3.8%.

According to the bank, the current account deficit in the balance of payments of Ukraine in 2014-2015 will amount to 2.7% of GDP, in 2016 it will slightly increase to 2.9% of GDP, and the next year will return to the level of 2.7% of GDP.

The World Bank also points to the existing significant deficit due to problems with the collection of revenues and increased security-related spending.

It was reported that in October 2014 the bank downgraded the forecast of GDP decline in 2014 from 5% to 8%, and changed the forecast of 2.5% growth in 2015 to the forecast of 1% decline.

As you know, Ukraine budget for 2015 is based on the conservative scenario involving the 4.3% decline in GDP with inflation of 13.1%.