Arab Today, arab today ebrd bank slashes outlook for russian economy
Last Updated : GMT 11:41:34
Arab Today, arab today
Arab Today, arab today

EBRD bank slashes outlook for Russian economy

Arab Today, arab today

Arab Today, arab today EBRD bank slashes outlook for Russian economy

EBRD bank
London - AFP

Russia's economy will contract next year as a result of the crisis with Ukraine, the EBRD development bank forecast on Thursday after slashing its prediction for growth.
Ukraine's economy will meanwhile contract faster than expected, in turn weighing on other emerging economies in the region, the European Bank for Reconstruction and Development said in its latest outlook report.
Russia's economy will contract by 0.2 percent in 2015, the EBRD said after predicting in May that it would expand by 0.6 percent next year.
The bank, founded in 1991 to help ex-Soviet bloc countries such as Russia and Ukraine make the transition to free-market economies and democracy, maintained its forecast of zero Russian growth for this year.
"The Russian economy will come under pressure both from Western sanctions and the sanctions that Moscow has imposed on the West in response," the EBRD said.
The United States and European Union last week hit Russia with tough new sanctions over Moscow's "unacceptable behaviour" in Ukraine.
In some of the toughest measures yet to punish the Kremlin for allegedly fomenting the insurgency, Washington targeted Russia's top bank Sberbank -- which holds the deposits of nearly half all Russian savers -- and leading energy and technology companies.
Moscow has meanwhile threatened to bar EU airlines from its airspace, and has drawn up a list targeting imports of consumer goods and second-hand cars from the West.
- Ukraine contraction -
 The EBRD added that Ukraine's economy is predicted to shrink by 9.0 percent this year, more than May's forecast for a contraction of 7.0 percent. Gross Domestic Product is set to come in at minus 3.0 percent in 2015, the London-based institution added.
"The escalation of military turbulence in eastern Ukraine is weighing heavily on the economy and its external financing needs," said the bank.
Fierce gunbattles erupted around the Ukrainian rebel stronghold of Donetsk on Wednesday, with two civilians killed just a day after lawmakers in Kiev held out an offer of self-rule to the pro-Russian separatists.
Almost 2,900 people have been killed and at least 600,000 forced from their homes across the war-battered east, according to UN figures.
"As a result of the disruption to production and trade, agricultural losses and a partial military mobilisation, Ukraine would see a sharp contraction of nine percent in 2014," the EBRD said.
"A smaller contraction of three percent is expected for 2015 as the economy continues to adjust with the support of an IMF programme, complemented by assistance from donors and international financial institutions."
The International Monetary Fund earlier this month warned that Ukraine may need an extra $19 billion (14.5 billion euros) in assistance should it fail to quell the brutal pro-Kremlin uprising by the end of next year.
The global lender recently released the second $1.39-billion tranche of its $17.1-billion lifeline despite "major uncertainties" and on the assumption that the ex-Soviet country's Western allies would be ready to pitch in with extra assistance if asked.
 - Neighbours hit -
Elsewhere, the crisis "is weighing on the economies of the EBRD region, with only a modest recovery expected in 2015 after a sharp slowdown in growth this year", the bank added in its report.
Its region of investment -- including mainly former communist nations across Central and Eastern Europe but which now comprises also Turkey and emerging economies in north Africa and the Middle East -- is expected to grow by a combined 1.3 percent in 2014, down from 2.3 percent last year.  It is forecast to grow by 1.7 percent in 2015.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today ebrd bank slashes outlook for russian economy Arab Today, arab today ebrd bank slashes outlook for russian economy

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today ebrd bank slashes outlook for russian economy Arab Today, arab today ebrd bank slashes outlook for russian economy

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Saudi witnessing a remarkable growth

GMT 09:57 2017 Saturday ,23 September

Saudi witnessing a remarkable growth
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today US-made bomb used in fatal strike

GMT 10:16 2017 Saturday ,23 September

US-made bomb used in fatal strike
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today All eyes on May as she prepares

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes pumps 1 bln euros    

GMT 06:04 2017 Friday ,22 September

Mercedes pumps 1 bln euros    
Arab Today, arab today Intel chips loaded in Waymo

GMT 14:43 2017 Wednesday ,20 September

Intel chips loaded in Waymo
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 18:03 2017 Thursday ,21 September

Alarm over flesh-eating ulcer cases

GMT 11:29 2017 Thursday ,21 September

Lufthansa chief eyes up to 78

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday