Washington, April 12 (IANS) The economy of Ukraine is expected to grow at a slower rate of 1.5 percent this year, down 0.5 percent from the prognosis made in October 2015, IMF said on Tuesday.

Ukraine's GDP contracted 9.9 percent, the country's GDP growth is expected to stay at 1.5 percent in 2016, and reach 2.5 percent in 2017, Sputnik cited International Monetary Fund's (IMF) World Economic Outlook report as saying.

"Ukraine's economy is projected to return to positive growth in 2016," the report said.

However, the IMF report in October 2015 expected a two percent growth for Ukraine this year.​