Russia’s import ban may affect economies of Poland, Hungary, Baltic states: EBRD
2014-09-18 11:19:04
The European Bank for Reconstruction and Development (EBRD) forecasts positive growth of the European countries' GDP, however, the bank admits that Russian import ban could affect the economies of the Central European and Baltic states, according to the bank's press release.
According to EBRD, the Baltic states, Poland and Hungary may be seriously affected by the Russian import ban.
EBRD improved its forecast for GDP growth in Central Europe by an average of 0.3 percentage points. At the same time, forecasts for GDP growth in Estonia and Latvia were reduced to 1% and 3.2% respectively (previously the Bank expected a growth of 2% and 3.8% respectively).
The European Union and the United States have imposed several waves of anti-Russian economic sanctions over Moscow's alleged role in the Ukrainian internal conflict. In response to Western sanctions Russia was forced to take measures aimed at replacing imports from Western countries with possible alternatives.
On August 7, Moscow imposed a ban on food imports from the United States, the European Union, Canada, Australia and Norway in response to economic sanctions imposed on Russia over its alleged role in escalating the Ukrainian crisis.
The ban, targeting meat, fish, poultry and milk products, nuts, fruits and vegetables, is expected to last for a year, RIA Novosti reports.