World Bank downgrades Ukraine growth outlook

The World Bank has downgraded its outlook for the growth of the Ukrainian economy in 2013 from 3.5 percent to 1 percent, the global lender's country director said."Ukraine has entered into a recession in the second half of 2012 due to low external demand for Ukrainian goods amid slower than expected economic reforms," Qimiao Fan, the bank's country director for Ukraine, Belarus and Moldova, told reporters here Tuesday.Fan said Ukraine highly depends on the uncertain economic situation in the global economy.Due to the World Bank outlook, the pace of economic growth in Ukraine is projected at 3 percent in 2014 compared to the previously estimated 4 percent, and 4 percent in 2015.Ukrainian government expects the economy to grow 2.5 to 3.4 percent this year.