như các công ty trên toàn thế giới khắc phục sự mất cân bằng tài chính đáng kể đã xuất hiện trong sự bùng nổ của cuối những năm 1990. Tốc độ hoạt động sút kém một lần nữa vào cuối năm 2002 và đầu năm 2003 để đáp ứng với các sự kiện làm suy yếu sự tự tin: | GLOBAL ECONOMIC PROSPECTS 2004 fiscal and monetary policies are becoming the norm and already yielding benefits in the form of less costly international borrowing and more robust domestic financial markets. The outlook for Europe and Central Asia is mixed greater EU demand but flagging oil prices Output expanded by percent in the ECA region during 2002 primarily resulting from the strength of domestic demand which more than offset lackluster growth in the region s main export markets. A number of economies enjoyed a pickup in growth during the year Croatia Estonia Lithuania Poland Slovak Republic Turkey Armenia Azerbaijan Belarus Georgia though excluding Turkey activity was marked down about half a point to percent. Output in the Commonwealth of Independent States CIS eased to percent growth in 2002 from robust percent outturns of 2001 and from the spike in growth of percent posted in 2000. The critical factor in this development was erosion of stimulus to the Russian economy stemming from the rouble devaluation of 1998 and the rents from strong energy prices. In turn diminished import demand from Russia representing an important export market for the remaining CIS countries contributed to the slowdown for the rest of the group. Activity in the Central and Eastern European Countries CEECs excluding Turkey was unchanged in 2002 relative to 2001 at percent. Including Turkey growth averaged percent for the group a sharp upswing from contraction of percent in 2001 reflecting a percent recovery enjoyed by Turkey in 2002. For the CEECs domestic demand was spurred by fiscal policy Hungary Czech Republic Poland Slovenia Slovakia and or easing of monetary policy Czech Republic Latvia Lithuania Romania . Aggregate growth for the region is anticipated to slow moderately to percent in 2003 as a return to more modest advances in Turkey under the burden of required fiscal consolidation and related issues will carry some weight figure
