KIEV, May 13 - The European Bank for Reconstruction and Development for the second time this year downgraded its forecast for the development of the Ukrainian economy and it is now expecting it to decline by 0.5%.

According to an updated review of the regional economic outlook, the EBRD forecast the recovery of Ukraine's GDP in 2014 by 2.5%.

The bank noted the Ukrainian economy is more than others in the region not protected against the influence of slowdown in the European Union and the Russian Federation. According to the bank experts, in such circumstances some devaluation of the hryvnia could ease the situation.