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World Bank expects Belarusian economy to keep growing for next three years

Economy 10.01.2018 | 15:29

MINSK, 10 January (BelTA) – The World Bank has published the January 2018 issue of the Global Economic Prospects, BelTA has learned.

According to the source, the Belarusian economy will grow by 2.1% in 2018. The same figure was mentioned by the World Bank's Economic Update on Belarus in December 2017. In 2019 and 2020 Belarus' GDP growth is expected to reach 2.4%.

In 2018 economic growth in Europe and Central Asia will reach 2.9%. Russia is now adjusted to new oil prices. Its economy is expected to continue growing this year, with growth projected at 1.7%. The Kazakh economy is expected to demonstrate more moderate growth — 2.6% — as the effect of one-time measures such as larger oil extraction and fiscal incentives grows weaker. With geopolitical tensions spiraling down, the Ukrainian economy growth will go up from 2% in 2017 to 3.5% in 2018.

In 2017 economic growth in Europe and Central Asia exceeded expectations and reached 3.7% while it was only 1.7% the previous year. The accomplishments were secured after three years of extremely slow growth on the back of plummeting oil prices in 2014.

The World Bank expects the global economy growth to reach 3.1% in 2018 but it is yet unclear how long the growth will last. The available reserves in the global economy are expected to be gradually depleted.

This year the global economy is expected to operate at full throttle for the first time after the global financial crisis of 2008-2009.

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