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Growth picking up in EBRD regions despite political uncertainty

Growth picking up in EBRD regions despite political uncertainty

Armenia's economy will grow by 2.5% this year and 3.0% in 2018, EBRD said, as it trimmed the projections from its last round of forecasts in November. The main driver of the economic growth during this period was the private consumption, amid more disposable income (supported by Value-Added Tax and wage increases), improved labour market and low inflation.

After strong momentum in 2016, when economic growth rose to 2.8 percent, Serbia will have growth of 2.9 percent in 2017 and 3 percent in 2018, and the driver of growth will be domestic demand, the bank said. Greece is expected to return to growth as reforms advance further and business confidence gradually improves. Economic growth is expected to pick up across the EBRD regions this year and next, supported by higher oil prices and Russia's recovery from recession, according to the EBRD's latest report.

Next year, Romania's GDP growth will slow down to 3.5 pct, predicts the worldwide financial institution.

Russian economic officials are even more optimistic, confirming that the country is on track to meeting its target of 4% annual inflation; the Federal State Statistics Service has reported that inflation was down to 4.1% (annualized) for the month of April, while the Ministry of Economic Development expects it to drop to 3.8% in May. "The economic outlook for the region remains materially affected by terrorism, geopolitical tensions and the refugee crisis".

Bank of England keeps rates at record low as economy slows
In the minutes of that meeting, some members said it would take "relatively little" upside news to consider a need for tightening. A Reuters poll last month showed only seven out of 38 economists expected a rate cut this year, down from 21 out of 36 earlier.

United States does not see Moon win in S.Korea significantly changing ties
Moon was a former presidential Chief of Staff who later ran against, and narrowly lost to, former president Park Geun-hye in 2012. His victory was bolstered by strong support from younger people, the majority of whom voted for him, according to the exit polls.

Israeli Missile Shoots Down Syrian Aircraft That Crossed Border
But Intelligence Minister Israel Katz, speaking to Army Radio from the United States, appeared to confirm involvement. Israel's Prime Minister Benjamin Netanyahu last April confirmed that his country had struck Syria "dozens of times".

Russian Federation had been one of the main beneficiaries of that trend, the EBRD added.

"Weak consumer and investor sentiment following the attempted military coup in July 2016 compounded these problems".

Ultimately, the Ministry expects Russian GDP growth to reach 2% in 2017, surpassing both the EBRD and International Monetary Fund forecasts.

Growth in the southern and eastern Mediterranean region - which includes Egypt, Jordan, Morocco and Tunisia - is projected to pick up to 3.7 percent in 2017, from 3.4 percent a year ago. However, both Azerbaijan and Belarus are projected to remain in recession.

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