EBRD winds back growth forecasts as global crisis deepens

The EBRD reduced its 2009 economic growth forecasts in January 2009, reflecting the prospects of a deepening recession in the developed world, and faster-than-expected slowing in economic activity in its region in the final months of 2008.

In its latest forecast for economic growth, the Bank still expected the EBRD region to avoid a blanket recession of its own. However, average growth predictions marked some stark variations.

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