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January 29, 2017

WORLD BANK OUTLOOKS

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The engine of global economic growth in 2017, according to experts of the World Bank, in the first place will be the developing countries, whose combined GDP can increase by 4.2%.

The world economy will grow by 2.7%, and good results are expected in the CIS. Following several years of disappointing world economic growth, it is encouraging to observe the emergence of signs of improvement in the economic outlook, said the World Bank President Jim Yong Kim. Now we need to take advantage of this dynamic and increase the volume of investments in infrastructure and in human capital, he added.

The World Bank economist Ekaterina Vashakmadze reported that in 2017, the rate of economic growth in CIS countries should rise by about 1.7%. Although this level is far below the trend rate of growth of the regional economy, but still, she says, it is a significant improvement over the previous two years, when the gross economy of the CIS nations declined due to the economic recession in Russia.

The main factors in the growth of the economy of regions, according to experts, will be the stabilization of oil prices and the waning political tensions. In Russia, growth is projected at 1.5% in 2017, in Azerbaijan at the level of 1.2%. In Kazakhstan, growth could reach 2.2%, only in the case of stabilization of commodity prices and reduction of economic imbalances.

The US economy will grow by 2.2%. Due to the disproportionately large US role in the global economy, changes in the economic policy of this country can have global consequences. Major focus on the growth of expenditures in fiscal policy in the short term may lead to faster economic growth not only in this country, but also abroad. However, these gains can be reversed by changes in trade policy and other areas, according to the director of World Bank department for the study of economic development prospects, Ayhan Kose.