EBRD raises growth forecast

Erik Berglof of the European Bank for Reconstruction and Development (EBRD) has slightly raised the Bank’s growth forecast for its countries of operations to 3.7 per cent in 2010.

However, as Mr Berglof said in a press conference in Zagreb, this figure “masks growing differentiation” and the general outlook remains fragile. In January 2010 the EBRD forecasted 3.4 per cent growth.
The present upward revision is based on an improving economic outlook for some of the largest economies in the region, including Russia, Turkey and Ukraine. For other countries, however, the Bank is now less optimistic than it was at the beginning of the year. For example, the forecasts for Romania and Bulgaria have been revised down.