Sticky inflation prompts EBRD to trim 2023 growth outlook for its region

LONDON : High gas prices and persistent inflation eroding real wages will limit growth in emerging Europe, central Asia and north Africa, the European Bank for Reconstruction and Development said in its regional economic outlook report released on Thursday.

"Also, there is still uncertainty associated with the war in Ukraine, particularly for countries that are in geographic proximity," EBRD chief economist Beata Javorcik told Reuters. Growth in the region will also lose steam due to a weaker performance of Germany - Europe's largest economy - which will translate into"lower demand for exports," Javorcik added.

Growth for Turkey, the single biggest recipient of EBRD funds, has been revised down to 3 per cent from 3.5 per cent for 2023, without considering the impact of the earthquake in the estimates. Turkey and neighboring Syria have been rocked by a devastating earthquake on Feb. 6 which has killed more than 41,000 people and left millions in need of humanitarian aid, with many survivors having been left homeless in near-freezing winter temperatures.

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Singapore Budget 2023 Updates | Yahoo Singapore | Yahoo Singapore
Source: YahooSG - 🏆 3. / 71 Read more »

Live coverage: Budget 2023 announcements by Finance Minister Lawrence WongDeputy Prime Minister and Finance Minister Lawrence Wong delivers the 2023 Budget speech at 3.30pm on Tuesday (Feb 14). Follow CNA's live coverage of the major announcements. Theme every year is ' Money Can Solve All Problems'
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Budget 2023 wishlist: Time to loosen ‘15-month wait-out’ policy for HDB, says Savills expertThe measure was implemented last year in response to soaring demand for HDB. SingaporeBusinessReview
Source: SBRMagazine - 🏆 13. / 51 Read more »

Budget 2023: Savills urges gov’t to loosen ‘15-month wait-out’ policy for HDBAlan Cheong of Savills offers solutions for property challenges in 2023 - Waiving ABSD, removing 15-month waiting period for downsizing, allowing vacancy allowances for property tax cases. Watch the full interview here: SingaporeBusinessReview
Source: SBRMagazine - 🏆 13. / 51 Read more »

Singapore Budget 2023 live coverageGet key updates from The Straits Times as DPM Lawrence Wong delivers his Singapore Budget statement at 3.30pm. More at straitstimes.com.
Source: straits_times - 🏆 5. / 69 Read more »

8 most affordable turbocharged new cars for a faster 2023As the high COE prices sustain, the prices of new cars aren't looking like they will start going down anytime soon. But that's not to say that there aren't more reasonably priced options out there for those on a tighter budget - a quintessential sedan such as the Toyota Corolla Altis will set you back $145,888, with a depreciation of...
Source: asiaonecom - 🏆 10. / 59 Read more »