Growth in the economies of central and eastern Europe and the
Commonwealth of Independent States (CIS) will reach 4.7% in 2003,
outpacing the world economy, says the latest Transition Report by the
European Bank for Reconstruction and Development (EBRD).
While EBRD chief economist Willem Buiter warns about growing budget
deficits in central Europe and reliance on high natural resource prices
in the CIS, 14 of the 27 countries of the region have scored higher
marks than last year in the transition indicators the EBRD uses to
assess reform progress.
Growth is expected to be highest in the CIS at 6.2%, compared to 3.3%
in central Europe and the Baltic states (CEB) and 3.9% in southeast
Europe (SEE). The largest economy, Russia, is expected to grow by 6.2%
in 2003 up from 4.3% last year.
