Finance

Home page

Finance

World Bank: economic growth returns to Europe and Central Asia

09 October 2010 08:07 (UTC +04:00)

Baku. Vahab Rzyev â€“ APA- Economcis. Economic growth has returned to the Emerging Europe and Central Asia (ECA) Region, but it has come with concerns about its jobless nature and doubts about its durability, according to the World Bank at a press briefing during the World Bank/IMF Annual Meetings 2010.

â€œThe good news is that economic growth has returned to Emerging Europe and Central Asia, after the region suffered a sharp decline during the global economic crisis,â€ said Philippe Le HouÃ©rou, World Bank Vice President for the Europe and Central Asia Region. â€œToday, the region is back on the road to recovery. Thanks to stronger economies in Poland, Russia, and Turkey, growth went from a negative 5.1 percent dip in 2009 to a projected 3.9 percent growth in 2010.â€
Le HouÃ©rou cautioned, â€œBut this recovery is not uniform â€“ it masks a differentiated picture across the region of 30 countries. Most countries experienced growth this year, but there are still others that have not returned to growth. Also, employment has not kept pace with growth. In fact, joblessness has stayed stubbornly high in most of Central and Eastern Europe and it continues to rise in the countries of the Commonwealth of Independent States. This slow and painful recovery is being felt by many families who are struggling to make ends meet.â€