The World Bank released an economic update for Ukraine on Friday which said that the implementation of urgent economic reforms could help the country to achieve strong economic growth and create good quality jobs.

Delaying reforms is not an option as macroeconomic instability and stagnating growth are taking their toll on Ukrainian citizens, according to the update.

Ukraine has seen little growth in the last few years, with real gross domestic product remaining flat. The World Bank expects to see a three percent decline in real GDP in 2014. The quick adoption of new policies could help initiate growth by 2015, which would be driven by the private sector.

Ukraine could also benefit from improving governance and increasing transparency.

"We recognize the enormous challenges Ukraine is facing and welcome the government's commitment to go ahead with reforms that are urgently needed to stabilize the country's economy," Qimiao Fan, the World Bank's country director for Belarus, Moldova and Ukraine, said. "We will continue supporting the people of Ukraine during this difficult transition period."

The World Bank Group announced intentions to support reforms in Ukraine on March 10. It also committed to providing up to $3 billion to Ukraine in 2014.