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European Reconstruction Bank lowers growth predictions; Elon Musk excluded from UK investment summit – live business coverage | Business


Elon Musk, the world’s richest person, has been excluded from the upcoming UK Government International Investment Summit due to his controversial social media posts during the August riots. Musk had shared a conspiracy theory about the UK building “detainment camps” on the Falkland Islands for rioters, leading to backlash from ministers. Despite Musk being invited to last year’s summit and attending the AI Summit, his exclusion from the upcoming event reflects the government’s disapproval of his comments.

Meanwhile, the European Bank for Reconstruction and Development has revised down its growth forecast for Ukraine, citing the economic impact of Russian attacks on the country’s energy infrastructure. The attacks have led to the destruction of over half of Ukraine’s electricity generation capacity, forcing the country to rely on more expensive imports for energy. This has put energy-intensive industries in Ukraine at a disadvantage, leading to a lower growth forecast for the country.

Overall, Europe is facing challenges with higher energy prices and a lack of investment, as highlighted by the EBRD’s warning of slower growth in the region. The bank expects growth to be lower than previously forecasted, emphasizing the need for increased investment to boost long-term growth prospects. The economic landscape in Europe remains uncertain, with factors such as inflation, trade wars, and energy security impacting the region’s economic outlook. The EBRD’s report calls for vigilance and proactive measures to address the current economic challenges faced by European countries.

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Photo credit www.theguardian.com

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