KIEV, July 16 – The World Bank has downgraded its forecast for the expected fall in Ukraine's GDP in 2009 from 9% to 15%, but improved its inflation forecast from 16.4% to 13.4%, the bank announced on Thursday.

"[In the light of] external market conditions and domestic economic policy developments, we expect Ukraine’s GDP to contract by 15 percent in 2009, followed by a slow recovery in 2010… In 2010, we expect slow GDP growth, as export demand is likely to recover slowly and international capital markets will remain risk averse," the announcement reads.