Spectator on facebook

Spectator on facebook

BUSINESS IN SHORT

EBRD slashes GDP growth forecast

THE LATEST GDP-growth estimates released by the European Bank for Reconstruction and Development (EBRD) for countries in central and eastern Europe with strong ties to the eurozone indicater a major economic slowdown, especially for Slovakia and Hungary, the SITA newswire reported.

THE LATEST GDP-growth estimates released by the European Bank for Reconstruction and Development (EBRD) for countries in central and eastern Europe with strong ties to the eurozone indicater a major economic slowdown, especially for Slovakia and Hungary, the SITA newswire reported.

The EBRD now predicts that Slovakia’s economy will grow by only 1.1 percent in 2012, compared to its July prognostication of 4.1 percent.

The EBRD also reduced its estimate of economic growth in Slovakia for 2011 from its previous forecast of 3.7 percent to 3.1 percent.

The forecast for economic growth in Hungary this year was reduced to 1.1 percent and was cut for 2012 to 0.5 percent.

For the entire region the EBRD is now predicting GDP growth of only 4.5 percent in 2011 compared to its July estimate of 4.8 percent, and it predicts that economic growth for the countries of central and eastern Europe will average only 3.2 percent in 2012 compared to its 4.4-percent growth prediction in July.

The EBRD said that the main reason for cutting its growth estimates is Europe’s sovereign debt crisis, which the bank said is preventing countries in the region from fully recovering from the global economic crisis of 2008-2009.


Top stories

Námestie Slobody gets facelift Photo

The architectural tender will gather ideas for the redesign of the biggest square in Bratislava

Námestie Slobody will be redesigned into a kind of living room in the city.

When the state can’t keep a secret

A selective leak has tarnished President Kiska’s reputation. But he must continue to speak out about corruption.

President Andrej Kiska

Fundamental values explored at Divadelná Nitra 2017

This time round, the Slovak, European and US ensembles at the theatre festival focus on #fundamentals, i.e. basic values and the essence of all things.

Nature Theatre of Oklahoma: Pursuit of Happiness

Foreign rocket engines for North Korea: Why?

For Russia, the path to a weakened China could be through a major nuclear accident in North Korea.