EBRD: Azerbaijan's economy to grow 2% in 2018

The headquarter of the European Bank for Reconstruction and Development is seen in London

"Growth is also expected to pick up slightly in Central Asia and Eastern Europe and the Caucasus, reflecting a stabilisation of commodity prices and resumed growth in Russian Federation", it said. "Growth is faster. despite all the risks, all the global challenges", EBRD chief economist Sergei Guriev told a news conference.

Overall the report says that economic growth is expected to pick up across the EBRD regions this year and next, supported by higher oil prices and Russia's recovery from recession. "We saw the EBRD became a tool of foreign policy and not a fair and open institution", he said.

Minister of National Economy Abeer Odeh Thursday welcomed the European Bank for Reconstruction and Development's (EBRD) decision to invest in the West Bank and Gaza Strip.

"The EBRD can make an important contribution to the economy alongside other worldwide financial institutions", the EBRD's President Suma Chakrabarti said at the bank's annual meeting.

Trump administration hollows out EPA science integrity board
The move - which has been criticized by government watchdog groups and associations of scientists - is out of the playbook of U.S. The board's advisers are appointed for three-year terms, which are typically renewed even under a new administration.

"That is a final and binding resolution".

The Bank also admitted that the return to growth in Russian Federation would have positive knock-on effects for other countries in Eastern Europe, and particularly for those post-Soviet states which rely on worker remittances from Russian Federation.

The EBRD said Turkey's growth is projected to moderate further to 2.6 percent in 2017, reflecting worsening investor sentiment compounded by the downgrade of Turkey's sovereign rating to sub-investment-grade level. The main driver of the economic growth during this period was the private consumption, amid more disposable income (supported by Value-Added Tax and wage increases), improved labour market and low inflation. Weak consumption and investment following the attempted military coup in July 2016 compounded these earlier problems. Furthermore, in the face of continued geopolitical tensions and Western sanctions, annual growth will remain only "at around 1 to 2 percent annually" over the long term "due to low investment", the Bank said.

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