World Bank predicts economic growth in Europe and Central Asia
Economic growth in Europe and Central Asia will slow in 2019, the World Bank predicts. This forecast indicates a slower growth rate in both Russia and Turkey. The bank's new assessment of experts assumes a decrease in the growth rate in these regions to 1.8% against the rise of 3.2% last year. Growth in 2019 will be the weakest in four years. According to the forecast, economic growth in the countries of this region will be 2.7%, and in 2021 it will continue to accelerate to 3%. At the same time, the Bank pointed out that there were risks of a larger-than-expected slowdown in many trading partner countries. The survey states that Turkey's GDP will not change this year compared to last year, while in 2021 it is expected to grow at 3%. The World Bank estimates that the Russian economy will slow growth to 1% in 2019. Next year, Russia's GDP is expected to grow by 1.7%. The authorities in the region should pay more attention to measures that stimulate productivity and investment growth. Europe and Central Asia need migration, which will contribute to an increase in the labour force.