Russia’s war in Ukraine will cause a sharp slowdown in economic growth across Eastern Europe this year, the European Bank for Reconstruction and Development warned
will cause a sharp slowdown in economic growth across Eastern Europe this year, deterring foreign investment and lifting energy prices and borrowing costs, the European Bank for Reconstruction and Development has warned.
The EBRD is one of the main international lending institutions in the post-Soviet bloc. Established in 1991, it has helped countries in the region build democracies and transition toward market economies. Energy prices have fallen from last year’s peaks over recent months, but they remain very high compared with the years running up to the Covid-19 pandemic, and the EBRD doesn’t expect to see a return to those levels over the coming years. It does expect increased usage of renewable sources of energy, which should help lower costs for manufacturers and allow them to regain some lost competitiveness “over several years.
Foreign investment has been key to lifting growth in the decades since the collapse of Communism, but proximity to the war has made Russia’s neighborhood seem like a risky place.Russian plot to overthrow Moldova’s democratic systemRussia’s Foreign Ministry on Tuesday dismissed Ms. Sandu’s allegations as unfounded. But the fallout of the war for the small country that shares a border with Ukraine has been severe, its economy shrank by 4.
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