KIEV, Oct. 15 - The European Bank for Reconstruction and Development now believes Ukraine's GDP will shrink 14% in 2009 compared with its earlier forecast for a 10% contraction, the bank said in a statement.

However, the bank now believes Ukraine's GDP will grow 3% in 2010 compared with its forecast for zero growth previously.

Ukraine's economy was hit hard by the crisis, and the outlook for a rapid recovery is limited by weak foreign and domestic demand, said EBRD chief economist Alexander Pivovarsky.