The European Bank for Reconstruction and Development (EBRD) has revised downwards Romania's economic growth prognosis, from 3.8 percent to 1.1 percent for 2012. For 2011, the growth prognosis has been cut from 1.9 to 1.5 percent.

The outlook has worsened the most in this area for Albania, Romania and Serbia, which are heavily exposed to the troubled Greek economy, according to the EBRD.

For emerging Europe, the report revises down predictions for 2011 economic expansion in the EBRD region to 4.5 percent compared with 4.8 percent seen in July. Growth in 2012 is now seen at 3.2 percent, compared with the 4.4 percent expected three months ago.

This latest economic report from the EBRD revises 2012 growth forecasts in the central Europe and the Baltic states region to 1.7 per cent, down from the 3.4 per cent seen in July, with the region’s strong links to the eurozone translating into much weaker growth.

Get the full EBRD report here.

editor@romania-insider.com