Not out of the woods yet
"Output in the EBRD regions is estimated to have grown by 3.2 per cent year-on-year in January-September 2022 (and around 2.4 per cent in the year as a whole), slower than in 2021 as the war on Ukraine took its toll and the post-Covid recovery has mostly run out of steam (in 2020, the region’s output contracted by 2.4 per cent).
Output in the EBRD regions is expected to grow by 2.1 per cent in 2023 as high gas prices and persistent inflation weigh on the economic outlook.
The current forecast represents a downward revision compared with the baseline scenario published in September 2022, although it is stronger than in the previous downside scenario, which assumed no Russian gas delivered through pipelines. Growth forecasts have been adjusted down in more than half of economies in the region, with virtually no upward revisions. Growth is expected to pick up to 3.3 per cent in 2024, broadly in line with estimates of medium-term potential growth."
The report was prepared by EBRD in English language. Click here to access the report.
Source: EBRD
Illustration: EBRD