Ex-Soviet Bloc Slows to 5.6 percent Growth in 2005: EBRD

The economies of central and eastern Europe as well as the Commonwealth of Independent States experienced slower rate of economic growth in 2005 owing to global factors, the European Bank for Reconstruction and Development (EBRD) said Sunday.

Average gross domestic product (GDP) across the 27 countries in which the EBRD invests grew by 5.6 percent in 2005, the bank said in a report released at the start of its two-day annual conference in the British capital.

That compared with record growth of 6.7 percent in 2004, which had marked the highest rate since the disintergrstion of Socialism nations system

The EBRD, founded in 1991 to assist the transition of former Socialism nations to market economies, forecast growth to slow to about 5.3 percent on average across the 27 states in 2006.

Source: AFP


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