WB stresses economic growth rebound in Europe and Central Asia

WB stresses economic growth rebound in Europe and Central Asia

Azerbaijan, Baku, Oct. 14 / Trend E. Aliyev /

Economic growth in the Emerging Europe and Central Asia (ECA) region suffered during the global financial and Eurozone crises but has started to rebound, with projected modest growth rates of 2.2. percent in 2013 and 3.1 percent in 2014, World Bank said today at a press briefing during the 2013 World Bank/IMF Annual Meetings.

"However, compared to other regions in the world, the ECA region has had the slowest recovery of growth and remains vulnerable to risks in a dynamic global economy," the message said.

"Today we have both good news and bad news", Laura Tuck, World Bank Vice-President for the Europe and Central Asia region, said. "The good news is that the risk of a crisis in the Euro Area has receded and Europe is slowly coming out of recession, which is having a ripple effect on the Emerging Europe and Central Asia region. The bad news is that new financial risks, including from the United States, are emerging, hindering the already timid recovery."

"There are signs of a rebound, especially in Central and Southeastern Europe (CSEE), which will materialize in stronger growth in 2014, when growth is expected to double from its anemic pace in 2012 and 2013," she said. "Growth in the CSEE countries was only 0.8 percent in 2012, and is projected to be 0.9 percent in 2013. For 2014, it is expected to accelerate to 2.0 percent of GDP."

"On the other hand, the economies of Turkey and the Commonwealth of Independent States (CIS), which are less dependent on the Euro Area, have seen stronger growth (4.4 percent average annual growth for the period 2009-2012, compared to 1.9 percent in CSEE)," Tuck said.

"For 2013, growth for the CIS economies is projected to reach 2.4 percent of GDP, despite a slowdown of the Russian economy to 1.8 percent. Turkey's economy is projected to grow by 3.6 percent this year. For 2014, the Bank projects 3.5 percent growth for CIS economies (3.1 percent for Russia) and 3.5 percent for Turkey," she said.

"Still, emerging financial risks, including those from the United States, are hindering the recovery in the ECA region," Tuck said.

"After the US Federal Reserve's suggestion of tapering off in May of this year, capital flows into Emerging Europe and Central Asia dried up, yields moved up, stock markets fell sharply, and currencies weakened. These factors affected those ECA countries with large current account deficits that are vulnerable to inflows, including countries of the Western Balkans, Armenia, and Belarus," she said.

"The tough reality is that the central problems in the economies of Emerging Europe and Central Asia are of structural nature and require domestic, structural solutions," Tuck added. "Governments in the region need to take action on key challenges such as creating new jobs, addressing issue related to the aging population, and managing their natural resources."

"Managing natural resources in a sustainable and responsible way is a challenge that affects resource-rich countries of Eurasia, such as Azerbaijan, Kazakhstan, Russia, Turkmenistan, Ukraine, and Uzbekistan," the message said.

"A forthcoming World Bank report to be launched next month in Moscow says the resource-rich economies in Eurasia will need to build better institutions to be successful in the long run. The report calls on resource-rich countries to diversify their asset base with investments in human capital, institutions and infrastructure," the message said.

The World Bank is helping its ECA client countries address these and other challenges to reduce poverty and boost shared prosperity through policy dialogue, analytical work, project funding, and reimbursable assistance services.

Uzbekistan calls on Azerbaijan and Armenia to stop hostilities
Uzbekistan calls on Azerbaijan and Armenia to stop hostilities
Shuttle trade in Uzbekistan suspended due to COVID-19
Shuttle trade in Uzbekistan suspended due to COVID-19
Khazar Consortium opens tender for purchase of materials, equipment
Khazar Consortium opens tender for purchase of materials, equipment
Loading Bars
ICD exploring opportunities for collaboration in Azerbaijan during pandemic and after (INTERVIEW)
Hikmat Hajiyev: Armenian side spreads misinformation on social networks
Azerbaijani Foreign Ministry discloses number of civilian casualties
Azerbaijan: Bodies of mercs from Middle East among losses of Armenian army
Prosecutor General's Office: Resident of Aghdam killed as result of Armenian shelling
Foreign military attachés, representatives of int'l organizations informed on situation at front line (PHOTO)
Uzbekistan calls on Azerbaijan and Armenia to stop hostilities
Shuttle trade in Uzbekistan suspended due to COVID-19
Georgia's external public debt up
Iran Khodro boosts car manufacturing
Khazar Consortium opens tender for purchase of materials, equipment
Azerbaijan's Defense Ministry: There're mercenaries of Armenian origin from Syria, Middle East among destroyed Armenian armed forces
Assistant to Azerbaijan’s president: Azerbaijan acts within the international law as opposed to Armenia
Gas sales of Georgian Oil and Gas Corporation down
Russian Foreign Ministry calls for utmost restraint over situation in Nagorno Karabakh
Gold, silver prices decline in Azerbaijan
Protest condemning Armenia's provocations against Azerbaijan held in Istanbul
Assistant to Azerbaijani president: Some int'l organizations showing biased position
Generation of Iran's Bandar Abbas TPP disclosed
Assistant to Azerbaijan's President: Police department, town for IDPs in Tartar shelled
US hopes to expand co-op with Turkmenistan through different dialogues
Heydar Aliyev International Airport to temporarily operate in limited mode
Turkey unveils data on cargo shipment via its ports from Saudi Arabia
COVID-19 cases exceed 5000 in Georgia
Jean-Francois Mansel: Clashes between Armenia, Azerbaijan - result of int'l community's passivity
Azerbaijani army continues operations to liberate occupied lands
Value of Iran's exports via Mehran customs announced
Azerbaijan's Agro Service lowers fertilizer prices
Former Czech PM: it is great challenge for int’l community to bring peaceful solution to Karabakh conflict
Cargo handling volumes from Israel through Turkish ports unveiled
Georgia to increase snail exports
Federation Council praises further dev't of Russian-Turkmen inter-parliamentary dialogue
China ready to make efforts to further develop bilateral partnership with Turkmenistan
Russian bank to open representative office in Uzbekistan
Azerbaijani Prosecutor General's Office taking steps that Armenian servicemen punished within int'l law
French president makes phone call to President Ilham Aliyev
Assistant to President of Azerbaijan gives interview to Al Jazeera Media Network in connection with latest provocations of Armenia (VIDEO)
Weekly review of Azerbaijani oil market
Iran declares volume of sugar beet to be produced
National Iranian Copper Industries Company boosts its sales
Volume of cargo transshipment from Japan through Turkish ports revealed
Ekmeleddin Ihsanoglu: Armenian aggression against Azerbaijan is clear violation of int’l law
Former Bosnian foreign minister: Ignoring UN resolutions on Nagorno Karabakh threatening global peace
UN must stop Armenia's military provocations - Lebanese lawyer
Azerbaijani currency rates for Sept. 28
Deputy PM: Heroic Azerbaijani army continues its victorious advance
ARETI inform Turkmenistan about promotion of number of joint projects
Iranian currency rates for September 28
Italian senators condemn Armenia's provocation against Azerbaijan
Russian analyst: Rocket-artillery strike on civilian population of Azerbaijan logically reflects essence of fascist regime in Armenia
High grounds around Azerbaijani Talysh village cleared of Armenian armed forces (VIDEO)
Iran discloses amount of loans issued to tea farmers
Volume of tea leaves purchased in Iran revealed
Donald Trump: US looking closely into conflict escalation in Nagorno Karabakh
Number of coronavirus cases in Uzbekistan pass 55,000
MP: Azerbaijan only wants liberation of its lands
Armenian confirms 15 more deaths among soldiers
Azerbaijani MFA: Armenian armed forces deliberately target civilians, infrastructure
Azerbaijani, Estonian MFAs discuss ongoing provocative steps of Armenia
Iran to produce phosphate fertilizer
Iran to accelerate release of essential goods from customs
Iran's NISOC announces tender to buy spare parts
Monetary and banking policies, the reason behind Iran`s sharp price rises
Turkish Airlines resumes flights to Iran
Shipment costs in Iran increases
Armenian army suffers heavy losses as result of hostilities
Time for dialogue ran out, Armenia deserves int’l repudiation, says Peter Tase
NGIC: World needs to be reminded that Armenia utterly failed to comply UN Security Council resolutions
Foreign Ministers of Azerbaijan, Iran hold phone conversation
Armenian military forces shelling Azerbaijani Terter city
Two more tanks belonging to Armenian armed forces destroyed
Armenia's deliberate targeting of civilians is gross violation of int’l humanitarian law: Turkish expert
TAP increases Swiss investment in Albania by 16 times
Landslides kill 10 in Indonesia's North Kalimantan
Azerbaijani army forces continue to destroy Armenian military equipment
Azerbaijani Foreign Ministers holds phone talk with US Deputy Secretary of State
Oil edges lower as rising virus cases cloud demand recovery outlook
U.S. judge blocks Trump administration TikTok app store ban
US warns Iraq about possible shutdown of embassy in Baghdad
13 Boko Haram militants surrender to Nigerian troops
Wildfires in California grow to 3.6 mln acres
Israel reports 3,926 new COVID-19 cases, 231,026 in total
Several more military equipment units of Armenia destroyed
US urges Armenia, Azerbaijan to cease hostilities immediately
Massacre in Mexican bar leaves 11 people dead
5.3-magnitude quake hits 6 km ENE of Masagua, Guatemala
Armenia confirms lose of several occupied regions of Azerbaijan
Iran assigns more credit to develop Kermanshah Province
Power plants put into operation in Iran's Khuzestan Province
Energy Community: Georgia has big potential to become regional gas trading center
President Ilham Aliyev: We are on right path, we are defending ourselves, we do not lay claim to anyone else's lands
Azerbaijani Prosecutor General's Office: Measures being taken to bring Armenian servicemen to justice
President Ilham Aliyev: I warned Armenia
President Ilham Aliyev: I congratulate all people of Azerbaijan!
President Ilham Aliyev: Army building always top priority of my activity
Azerbaijani president: As result of our focused, tireless efforts, world has broad picture of Nagorno-Karabakh conflict today
Azerbaijani president: Several occupied Azerbaijani settlements have been liberated
Azerbaijani president: There is high morale in all our military units, formations
President Ilham Aliyev: Everyone in their place, are ready to support our army and state at any time
Azerbaijani president: Armenia once again shows that its policy of aggression against Azerbaijan continues, this policy shows fascist essence of Armenia to whole world
All news