Business news

MINSK, 10 January (BelTA) – Belarus’ GDP growth wil resume in 2017, reads World Bank’s January 2016 Global Economic Prospects report, BelTA has learned.

The report forecasts a 0.5% fall in GDP in 2016. In 2017 and 2018 it is projected to return to growth by 1% annually (the same growth rate was predicted by World Bank experts as they presented the economic review on Belarus in November 2015 – BelTA’s note). The report also reads that growth could resume modestly in the eastern part of the region, which includes Eastern Europe, South Caucasus, and Central Asia, provided the commodity prices stabilize.

The World Bank also expects that the economic situation in Russia and Ukraine will improve in 2016. In Europe and Central Asia the growth is projected to increase to 3% in 2016 from 2.1% in 2015 as oil prices fall more slowly or stabilize, as Russia’s economy improves, and Ukraine recovers. The western part of the region, which includes Bulgaria, Romania, Turkey and the Western Balkans, are expected to grow moderately in 2016, buoyed by recovery in the Eurozone.

The report reads that weak growth among major emerging markets will weigh on global growth in 2016. However, economic activity should still pick up modestly to a 2.9% pace, from 2.4% growth in 2015.