The London-based European Bank for Reconstruction and Development has said the Russia-Ukraine crisis is having a serious impact on the economies of Central and Eastern Europe. In its new prognosis, the bank said Hungary’s economic growth would slow down next year. It reckons output will grow by 1.6% this year and 1.2% in 2015, compared with its previous estimate of 1.7% for 2014. In its previous report it had not yet forecast growth for 2015. The bank acknowledged “surprisingly brisk” GDP growth of 2.7% in the fourth quarter of last year, but it said the increase was mainly driven by domestic demand supported by one-off factors, such as government-mandated utilities price cuts and the disbursement of EU funding at the end of the 2007-2013 budget period. The European Commission two weeks ago raised its projection on Hungary’s economy to 2.3% of GDP from 2.1% for this year, in its spring economic forecast.