KIEV, Nov. 27 - The International Center of Policy Studies (ICPS) has lowered its forecast for 2008 GDP growth in Ukraine to 2.6%.

According to ICPS, GDP will fall in 2009 by 5.2% with a further resumption of growth by 1% in 2010 and by 3.5% and 2011.

"ICPS has downgraded its economic forecast due to the sharp worsening of the export conditions and tough access to external borrowing both resulting from the deepening global economic crisis. In our initial forecast we expected GDP to grow, though at a slower pace, during the forecasted period. Now we foresee a much slower economic growth in 2008, a fall in 2009, stagnation with gradual recovery in 2010 and modest economic growth in 2011," reads the report.