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 | October 7, 2020 |
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Europe and Central Asia Economic Update According to the latest World Bank Economic Update for Europe and Central Asia, regional output collapsed in the first half of 2020, as growing domestic outbreaks and pandemic-related restrictions caused domestic demand to plummet, exacerbated supply disruptions, and halted manufacturing and services activity. |
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Emerging and developing economies in the Europe and Central Asia region are on course to contract by 4.4 percent this year, the worst recession since the global financial crisis of 2008, says the latest edition of the World Bank’s Economic Update for Europe and Central Asia, released today. Growth is expected to recover in 2021, between a range of 1.1 percent to 3.3 percent. The outlook remains highly uncertain, however, and risks are tilted to the downside. The pace of recovery depends on the duration of the coronavirus (COVID-19) pandemic, the availability and distribution of a vaccine, and the degree of improvement in global trade and investment. As a result, growth in the region could be weaker than expected if the pandemic worsens. |  |
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COVID-19 and Human CapitalEurope and Central Asia Economic Update, Fall 2020 In Europe and Central Asia, regional output collapsed in the first half of 2020, as growing domestic outbreaks and pandemic-related restrictions caused domestic demand to plummet, exacerbated supply disruptions, and halted manufacturing and services activity. This update focuses on human capital, an area that requires serious attention given the severe impact of the pandemic on health and education. |  |
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