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Economic trends, as well as risks and opportunities, for the economies in the Economic Commission for Europe region
Description:The present report, based on information available as of December 2005,
provides a summary of the assessment of main economic developments, as well as
the risks and opportunities, faced by the economies in the Economic Commission for
Europe (ECE) region in 2005. The deceleration of growth in the economy of the
United States of America during 2005 is expected to continue into 2006, as it is
increasingly challenged by a number of structural macroeconomic weaknesses,
including low household savings rate, large external deficit and associated
indebtedness. Sustained high prices of energy and rising interest rates also constitute
important downside risks. The growth outlook for Western Europe remains
lacklustre, in particular for the major economies. The recent fall of the euro against
the dollar, low interest rates and favourable corporate finances provide some
potential for positive impulses to growth. In contrast, growth of the economies of the
new members of the European Union is expected to strengthen as a result of stronger
exports and increased long-term investment. Growth in the Commonwealth of
Independent States countries is expected to remain robust. It is benefiting from
higher commodity prices and domestic demand expansion owing to rising wages and
expansionary policies. Institutional and structural weaknesses and the need to reduce
dependence on primary commodities remain key policy challenges for the region as a
whole. Growth in South-East Europe is expected to remain strong but to decelerate
somewhat. While increased foreign direct investment inflows would continue, more
restrictive macroeconomic policies, to counter expected overheating of these
economies, may marginally affect private consumption.
Agenda Item: Regional cooperation (10)
Issue Date: 25 April 2006
Symbol:E/2006/16
ODS Symbol:E/2006/16
Files:
  • Economic trends, as well as risks and opportunities, for the economies in the Economic Commission for Europe region
    (English)

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