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Europe and Central Asia facing a slow recovery

Sameer Vasta's picture

April 23, 2010. Washington DC - World Bank/IMF Spring Meetings . Europe and Central Asia regional press briefing. Philippe Le Houerou, Regional Vice President for Europe and Central Asia. Photo: © Simone D. McCourtie / World Bank

At a press briefing earlier today at the Spring Meeting, Philippe Le Houérou, World Bank Vice President for Europe and Central Asia, spoke of how the region has faced the greatest fiscal pressures among all the world's regions during the global economic crisis.

20 out of 30 countries in Europe and Central Asia have experienced a decline in GDP in 2009, and Le Houérou remarked that the region will face a slow recovery in the year ahead:

"2010 is going to be a tough year for the Region with growth projected at around 3 percent.  The prospects for 2011-2013 are only slightly better.  Rising joblessness is pushing households into poverty and making things even harder for those already poor."

April 23, 2010. Washington DC - World Bank/IMF Spring Meetings . Europe and Central Asia regional press briefing. Indermit Gill, Chief Economist for Europe and Central Asia Region(l.) . Photo: © Simone D. McCourtie / World Bank

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Comments

Submitted by nikki on
Though recession is over but still the growth is not so up to the mark. Financial crisis timeline is becoming hot topic to dicuss. It is getting very tough for both developed and developing countries to come out of it. Both are in a dilemma of economic growth.

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