EBRD forecasts Russian economy to grow 3.1% in 2010

EBRD forecasts Russian economy to grow 3.1% in 2010

14:3715/10/2009
LONDON, October 15 (RIA Novosti) - Russia's GDP may grow 3.1% year-on-year in 2010 as the economy picks up after the problems of 2009, the European Bank for Reconstruction and Development (EBRD) said in an updated forecast on Thursday.

The Russian government has been less optimistic expecting a mere 1.6% GDP growth next year.

However, both the EBRD and the Russian authorities are unanimous in predicting an 8.5% decrease in Russia's GDP for 2009.

For EBRD members as a whole, the bank expects GDP to fall 6.3% this year and increase 2.5% in 2010.

The worst performers this year are expected to be Lithuania, Latvia and Armenia, with GDP falls of 18.4%, 16.0% and 14.3% respectively.