(MENAFN) The European Bank for Reconstruction and Development (EBRD) has announced an upward revision in its growth forecast for the year 2023 across its regions, encompassing emerging Europe, Central Asia, and North Africa. Covering an extensive spectrum of nearly 40 economies, the EBRD anticipates a gross domestic product (GDP) growth rate of 2.4% for these regions in 2023. This represents a notable increase of 0.2 percentage points when compared to the bank's previous forecast made in May, as revealed in their latest report.
This upward revision primarily stems from substantial adjustments in the growth projections for Türkiye and Central Asia. However, it should be noted that this favorable revision is somewhat offset by a more subdued growth outlook for emerging Europe within the same regions, according to the report issued by the EBRD.
Looking ahead, the EBRD anticipates a further acceleration in economic growth, with a projection of 3.2% for the year 2024. This forecast reflects an improvement in economic conditions as inflationary pressures are expected to gradually recede. Nevertheless, it is worth highlighting that this growth projection for 2024 has been subject to a marginal downward revision of 0.2 percentage points from the bank's previous report. This revision is attributed to the influence of the base effect, driven by the higher growth rates anticipated for the preceding year, 2023.
In summary, the EBRD's recent growth forecasts for its regions point to a dynamic economic landscape, characterized by both upward and downward revisions in growth expectations. These projections underscore the complexity of economic factors at play and the importance of ongoing monitoring and analysis to inform future policy decisions and investment strategies in these diverse and evolving regions.
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