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NEWS

WB urges developing countries to safeguard economic growth, as road ahead remains bumpy

15 January 2013

www.worldbank.org of 1/15/2013 - (Extract.  Read full report here)
GDP growth in Europe and Central Asia is estimated to have slowed sharply to 3 percent in 2012 from 5.5 percent in 2011 as the region faced significant headwinds, including weak external demand, deleveraging by European banks, summer drought and commodity-price induced inflationary pressures. Growth slowed most in countries with strong economic linkages to the Euro Area, while it was relatively robust in resource-rich economies that have benefited from high commodity prices. GDP growth in the region is projected to rebound to 3.6 percent in 2013 and 4.3 percent by 2015. Medium-term prospects for the region will critically depend on progress in addressing external (large current account deficits) and domestic (large fiscal deficit, unemployment, and inflation) imbalances, lack of competitiveness, and structural constraints.

Europe and Central Asia country forecasts

(annual percent change unless indicated otherwise)

 

GDP at market prices (2005 $)

 

 

'00-09

'10

'11

'12

'13

'14

'15

Albania

4.9

3.5

3.0

0.8

1.6

2.0

3.0

Armenia

7.7

2.2

4.7

6.8

4.3

4.4

4.4

Azerbaijan

14.4

5.1

0.1

2.0

4.2

3.7

3.6

Belarus

6.6

7.7

5.3

2.8

4.0

4.0

4.5

Bulgaria

4.0

0.4

1.7

0.8

1.8

2.4

3.0

Georgia

5.6

6.3

7.1

4.9

5.1

5.4

5.6

Kazakhstan

7.5

7.3

7.5

5.0

5.5

5.7

6.0

Kosovo

5.8

3.9

5.0

3.6

3.3

4.0

4.0

Kyrgyz Republic

4.1

-0.5

5.7

1.0

8.5

7.5

3.5

Latvia

3.7

-0.3

5.5

5.3

3.0

3.4

3.6

Lithuania

4.2

1.3

5.9

3.3

2.5

3.5

4.3

Moldova, Rep.

4.4

7.1

6.4

0.0

3.1

4.0

5.0

Macedonia, FYR

2.3

2.9

2.8

0.0

1.0

2.5

3.5

Romania

4.2

-1.6

2.5

0.6

1.6

2.2

3.0

Russian Federation

4.4

4.3

4.3

3.5

3.6

3.9

3.8

Serbia

3.6

1.0

1.6

-2.0

2.0

3.1

3.6

Tajikistan

7.7

6.5

7.4

7.5

7.0

6.0

6.0

Turkey

3.0

9.2

8.5

2.9

4.0

4.5

5.0

Ukraine

3.9

4.1

5.2

0.5

2.2

3.2

3.5

Uzbekistan

6.1

8.5

8.3

8.2

7.5

7.1

6.8

 

Source: World Bank.
World Bank forecasts are frequently updated based on new information based on new information and changing (global) circumstances. Consequently, projections presented here may differ from those contained in other Bank documents, even if basic assessments of countries' prospects do not significantly differ at any given moment in time.
Bosnia and Herzegovina and Turkmenistan are not forecast owing to data limitations.
a. Growth rate over intervals are compound average; growth contributions, ratios, and the GEP deflator are averages.
b. GDP measured in constant 2005 U.S. dollars.