KYIV, Feb 16 – The European Bank for Reconstruction and Development (EBRD) has downgraded its forecast for the growth of the Ukrainian economy in 2023 to 1% from 8%, which it expected in September last year, according to the updated Regional Economic Prospects published on Thursday.

"In 2023, under the assumption that combat activities in Ukraine will remain limited to the current territory, which pre-war generated less than 20% of GDP, it is likely that real output will stabilise at around 70% of the 2021 level," the EBRD said in the document.