MOSCOW (Sputnik) — The European Council on Foreign Relations estimates the country's losses may amount to $10 million per day.
"Ukraine's economy is projected to contract by 7.5 percent in 2015," the report says.
"The prospects for a recovery in 2016–17 are highly uncertain, hinging upon a continued ceasefire and eventual peaceful resolution of the conflict in the East, a closing of the large financing gap, and continued implementation of the reform agenda under the IMF program."
In contrast to its latest outlook, the World Bank's January report projected 3.5-percent growth in 2016 and 3.8-percent growth the following year.
With Ukraine's economy teetering on the brink of a default, the International Monetary Fund (IMF) approved a $17.5-billion bailout for the crisis-hit country in March, part of a four-year $40 billion package.
Ukrainian Finance Minister Natalie Jaresko said on Saturday she expected the IMF's first tranche of $1.7 billion to arrive as soon as July.
