LONDON, Nov. 7 (Xinhua) -- The European Bank for Reconstruction and Development (EBRD) has revised up sharply its 2017 economic growth forecasts, with higher export levels, a revival in investment and firmer commodity prices supporting a broad-based upswing.
The London-based development bank noted in its annual regional economic survey, which covers 37 countries and regions, that average growth across the EBRD region will be 3.3 percent this year.
This is an increase of 0.9 percentage points on the previous forecast in May, and compared with growth of 1.9 percent in 2016, EBRD chief economist Sergey Guriev told a press conference at the bank's London headquarters on Tuesday.
Guriev told Xinhua: "While the global economy is performing well, it does not mean the EBRD nations have underperformed."
"The broad-based recovery is a very welcome development. It also creates a window of opportunity to carry out reforms that will ensure the sustainability of the stronger growth rates over the longer term."
Growth across the region is expected to continue into 2018, but at a slightly more moderate pace of 3.0 percent.
The pace of growth has picked up in 27 of the EBRD's economies this year, the first time that such a broad upturn has been seen since 2010.
Several countries, notably Romania and Turkey, are enjoying growth rates comparable to the pre-crisis levels of the mid-2000s.
The Russian economy, the largest in the EBRD region and a major influence on output in many other EBRD countries of operations, has pulled out of recession after a cumulative contraction of 3 percent over the last two years. Russia is expected to see GDP growth of 1.8 and 1.7 percent in 2017 and 2018, respectively.
The increase in the oil price, compared with 2016, has been a positive factor for Russia, and also for other commodity exporters and countries in Central Asia and eastern Europe and the Caucasus that rely on Russia for remittance flows or as a destination for their exports.
The EBRD tracks the economies of 37 emerging countries, where it finances projects and supports reforms that promote sustainable and environmentally-friendly market economies.
These nations range from the southern Mediterranean coast, through central and eastern Europe and into central Asia.
