The European Bank for Reconstruction and Development (EBRD) has downsized its 2015 GDP growth forecast for Bulgaria to 0.8% from a rate of 2% in September 2014.

If the forecast of the EBRD is fulfilled, 2015 will be a year of substantial slowdown in economic growth, following GDP growth rates of 1.1% in 2013 and 1.5% in 2014, according to the EBRD’s latest economic outlook, published on January 19, as cited by the Bulgarian National Radio.

EBRD economists expect Russian GDP to shrink by 4.8%in 2015, a major downward revision from September’s forecast of a contraction of 0.2%.

According to the report, a sharp oil price decline placed additional burden on Russia, whose economic growth was already slowing down amid uncertainty and weak investor confidence after the imposition of sanctions in 2014.

EBRD experts expect Russia’s problems to also affect Eastern European countries with close links to Russia.

The Ukrainian economy is expected to shrink by 5% in 2015, compared to a 3% contraction predicted in September 2014.

On average, the economies of the 35 countries in which the EBRD operates are expected to see a contraction of 0.3% in 2015, after a forecast of 1.7% growth in September 2014.