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Europe and Central Asia

Growth in Europe and Central Asia is expected to weaken further to 1.8 percent in 2015 from an already weak 2.4 percent as the oil price decline, geopolitical tensions, and related spillovers, including from Russia, are only partly offset by a moderate recovery in the Euro Area, according to the June 2015 issue of Global Economics Prospects. In Russia, a 2.7 percent contraction is expected to be followed by a moderate recovery in 2016 supported by policies that are shifting the economy to a lower oil price environment. In Turkey, growth is projected at 3 percent in 2015 with private spending to recover after the June elections. Assuming a slight rise in oil prices in 2016-17, no further deterioration in the geopolitical situation, and continued macroeconomic stabilization policies in major economies, regional growth is expected to strengthen to 3.5 percent in 2016-17.

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