The SigmaBleyzer private equity firm and The Bleyzer Foundation (TBF), Kyiv, Ukraine, prepared the "Ukraine - Economic Situation - September 2014" analytical report.

Hostilities in the east exert a significant toll on the Ukrainian economy. Strict fiscal austerity measures, deteriorating trade relations with Russia and Hryvnia depreciation also contribute to the deepening of the economic downturn. At the same time, assuming that the conflict in eastern oblasts is resolved by the end of the year in either a diplomatic way or through relatively limited military action, real GDP is forecast to decline by about 7% yoy in 2014 and to start to recover at about 1% yoy in 2015.