NextGen Day

Due to the energy crisis brought on by the Russia-Ukraine war and increasing inflationary pressures, the European Bank for Reconstruction and Development (EBRD) lowered its growth projections for the economies it invests in for 2023 on Wednesday.

The bank predicted that rising Europe, Central Asia, and North Africa’s gross domestic product would grow by 3% in 2023, a downward revision of 1.7 percentage points from its prior prediction due to the rise in energy prices.

According to the EBRD, which covers over 40 economies, the average inflation rate in its regions hit 16.5 percent in July 2022—a level last seen in 1998—underscoring that wheat prices have fully reverted to their pre-war levels, and oil prices are still high by historical standards.

With better-than-expected results in the first half of 2022, the EBRD increased its predictions for this year by 1.2 percentage points to 2.3 percent.

The Turkish economy is projected to expand by 4.5 percent this year, up 2.5 points from the previous estimate, thanks to stronger-than-anticipated domestic demand and a slight rebound in exports.

According to the bank, the GDP of Turkey is expected to rise by 3.5 percent in 2019.

The war is expected to force the Ukrainian economy to contract by 30% this year, the same as the May forecast.

Due to uncertainties about Ukraine’s future, the bank has reduced its prediction for an economic recovery in 2023 from 25% to 8%.

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