EBRD cuts 2010 E.Europe growth forecast to 3.5 percent

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The European Bank for Reconstruction and Development on Thursday cut its 2010 growth forecast for Eastern Europe from 3.7 percent to 3.5 percent, blaming market volatility and monetary tightening.

"The EBRD's latest economic has modestly revised downward its average growth forecasts for the region to 3.5 percent in 2010 from the 3.7 percent predicted in May," it said in a statement.

The 2011 forecast was revised down to 3.9 percent from the previous 4.0 percent.

The London-based bank warned that the region faced "heightened external risks arising from financial market volatility and the impact of fiscal tightening."

© 2010 AFP

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