The International Monetary Fund (IMF) on Tuesday raised its projection for Ukraine's economic growth this year to 0.4 percent from zero, according to Xinhua.

In its latest world economic outlook, the IMF said Ukrainian economy, which plunged into recession in the second half of 2012, is starting to recover, but warned that weak exports, political uncertainty and tight monetary policy still pose risks to full recovery.

The inflation rate in Ukraine for 2013 is likely to stand at zero, the IMF said.

The IMF also revised the country's gross domestic product (GDP) projection for 2014 to 1.5 percent, down 1.3 percentage point from the previous estimate.

On Monday, the World Bank revised down its forecast for Ukraine 's 2013 economic growth rate to zero from a previous 1 percent.

Ukraine's 2013 state budget is projecting a GDP growth of 3.4 percent and inflation at 4.8 percent.