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Mongolia recorded the fastest
economic growth among those countries working with the European Bank
for Reconstruction and Development, according to a statement released
today.
Mongolia’s 2006 growth was
put at 7.5 percent, up from 6.8 percent in 2005. The same growth numbers
were posted for the other former Soviet countries which make up the
Commonwealth of Independent States.
The bank is estimating economic
growth of 7.2 percent for Mongolia in 2007.
"This (growth) was largely
due to continuing high commodity prices, but also strong domestic demand,"
the bank said in a statement.
The European Bank for Reconstruction
and Development was founded in 1991 to help former Soviet countries
develop free market economies by providing them with capital.
Bank officials noted that Russia,
with the region’s largest economy, is helping to maintain economic
growth among neighboring countries. "Russia is the engine of this
region. Russia is entering into a very strong investment phase. It is
in (this phase) already and affecting growth," Erik Berglof, chief
economist at the EBRD told reporters. "The main issue is about
the ability to absorb the very large amounts of money that are being
invested," he said.
Of particular note are plans
to being a process of withdrawing assistance from those countries which
have achieved sufficient economic independence. These countries include
The Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia
and Slovenia.
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