KYIV, Sept 28 – The European Bank for Reconstruction and Development (EBRD) still expects Ukraine's economy to shrink by 30% in 2022, but it has downgraded its growth forecast for 2023 from 25% to 8%, according to the bank's Regional Economic Prospects report on Wednesday.

"For 2023, the EBRD has lowered its forecast of an economic rebound to eight per cent from the more robust 25 per cent foreseen in May, when the expectation was that substantial recovery work would already be underway," the document says.