Conflict, high borrowing costs clip growth in EBRD regions, report says
LONDON - Two wars and high borrowing costs have trimmed expected growth in countries covered by the European Bank for Reconstruction and Development , the bank said in a semi-annual report released on Wednesday.
"The sad news is that our countries of operation are now affected by a fallout of not one, but two wars: the war in Ukraine and the war in Gaza." Gaza spillovers and slowing reform progress in Egypt are also hindering economic expansion in the southern and eastern Mediterranean, the EBRD said, lowering projected growth there to 3.4% in 2024 and 3.9% in 2025.
Meanwhile, geopolitical shifts are impacting investment flows, with China's share of foreign direct investment into EBRD regions spiking to 39% in 2023 from less than 10% in 2022 - with Egypt, Morocco and Serbia benefiting.Javorcik said Poland and Croatia stood out, with growth expected to accelerate in both to 2.9% in 2024 as inflation moderates and Croatia's tourism revenues jumps 40% from pre-COVID levels.
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