The European Bank for Reconstruction and Development's 17th annual two-day conference takes place this year amid global economic turmoil and record high prices for vital commodities like crude oil and wheat.
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"The major concern in the region is inflation," said Erik Berglof, chief economist, at a press conference unveiling the institution's latest forecasts.
Gross domestic product growth in its operating region, which includes Estonia, Bulgaria, and Ukraine, was predicted to stand at 6.
0 percent this year, down from a record high 7.
3 percent in 2007.
Many of the 28 countries in the EBRD's operating region are experiencing double-digit inflation as they suffer from runaway commodity prices, with crude oil rocketing close to 128 dollars per barrel last week.
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In host nation Ukraine, the annual pace of inflation surged to 30 percent in April, which contrasted sharply with eurozone 12-month inflation of 3.3 percent.
"The anticipated (economic) slowdown reflects very rapid increase