国际英语新闻：Moody's revises up Ukraine's GDP growth to 3.3% in 2010

KIEV, July 19 (Xinhua) -- Global Appraiser Moody's on Monday revised up Ukraine's real gross domestic product (GDP) growth to 3. 3 percent in 2010 and 4.5 percent in 2011.

The international rating agency said Ukraine's higher GDP growth is expected mainly due to the increase of the country's exports under the influence of gradual recovery of the global economy, according to a Moody's report posted by Ukraine's finance ministry on its website.

Moody's also forecasted Ukraine's budget deficit is expected to stand at 6 percent of GDP in 2010 and declined to 4.5 percent in 2011.

According to the agency's report, Ukraine's inflation is expected to reach 11.4 percent in 2010 and 11 percent in 2011.

The World Bank in July also revised up the forecast of Ukraine' s GDP growth to 3.5 percent in 2010 and to 4 percent in 2011. Earlier, the economy's growth forecast was set at 2.5 percent for 2010 and 3.5 percent for 2011.

However, Ukraine still faces some risks to worsen its rating, including problems in the banking system, large external debts, weak economic recovery and possible failure in the implementation of a new IMF (International Monetary Fund) program, Moody's said.

Ukraine is among the countries hit hardest by the global financial crisis, with its economy contracting 15 percent last year -- the biggest contraction since the industrial collapse that followed the break-up of the then Soviet Union in 1991.