Economies of new EU countries growing quickly


The economies of 11 countries that joined the EU since 2004 are expected to continue growing next year. In other business news: Officials in the Western Balkans look for more ways to improve the economy.

Customers leave a store in Budapest after a day of shopping. Economic growth in the 11 countries that joined the EU since 2004 is expected to double this year. [AFP]

Economic growth in the 11 countries that have joined the EU since 2004, including Bulgaria, Croatia and Romania, is set to almost double this year and continue to accelerate in 2015, The World Bank said in its EU11 Regular Economic Report. Overall, EU11 GDP is set to increase from 1.4 percent last year to 2.6 percent in 2014.


Bulgaria's central bank will remove the license of its fourth-biggest lender, Corporate Commercial Bank, after a review of the bank's operations revealed "actions incompatible with the law and good banking practices." Meanwhile, President Rosen Plevneliev said the country will seek European supervision for its banks.


Lazar Krstic resigned as finance minister of Serbia. The 29-year-old minister explained he had wanted to implement more radical reforms in public finance to control spending, but Prime Minister Aleksandar Vucic was of the opinion these were too harsh to implement.


Countries in the western Balkans should strengthen their economic co-operation, the presidents of the eight countries in the region agreed at a summit in Dubrovnik. The Croatia Forum took place on July 10-12th and its topic was "The EU Integration of the Western Balkans - State of Play."


Foreign direct investment in Romania exceeded 1 billion euros in the first five months of this year, data from the National Bank of Greece has shown. The figure represents an increase of 13.9 percent from the same period last year.


Greece raised 1.5 billion euros in an auction of three-year-bonds at a yield of 0.5 percent. This was the second debt issue organised by the country over the past three months.


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Turkey needs to achieve financial stability and slow inflation if it wants stability, the Organisation for Economic Co-operation and Development said in its Economic Survey of Turkey. The organisation raised its economic growth forecast for the country to 3.3 percent this year from its previous forecast of 2.8 percent made in May.


The World Bank approved financing for environment protection and agriculture projects in Albania. The arrangement will benefit farmers, forest associations, groups and individuals in 310 rural communities and 2,980 villages across the country.

(Various sources -- 10/07/14-16/07/14)

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