EBRD ups Slovakias 2011 growth estimate to 3.7%.

By bne IntelliNews January 25, 2011
The European Bank for Reconstruction and Development (EBRD) kept its forecast for 2010 growth in Slovakia at 4% y/y and revised up the 2011 forecast to 3.7% y/y from 3.5% in the Oct issue of the forecast. The bank projects an export-led recovery of the economy, dependent on the growth in Germany, a main trading partner for the country. The fiscal consolidation package is expected to limit the accumulation of public debt but the political resolve to implement the projected reforms remains uncertain. Downward risks were prevailing in the banks forecast. The export demand could not be as strong as anticipated considering the fragility of the US recovery and the problems with the eurozone sovereign and related bank debt markets. The inflationary pressures could intensify fueled by loose monetary policy and commodities price hikes and as a result the main central banks could start tightening sooner than expected.

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