KIEV, Nov. 2 – Ukraine's GDP will fall by 16% in 2009 but will grow by 3% in 2010, the Fitch rating agency has forecast.

The agency said that the average annual inflation in Ukraine in 2009 would slow to 16% from 25.2% in 2008. In 2010, Fitch expects a slowdown in average annual inflation to 15%.

"The support from the IMF [the International Monetary Fund] and international financial organizations is a positive factor, but the risks are still high... Ukraine's need for foreign financing has increased sharply," reads the report.