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 | March 31, 2021 |
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Europe and Central Asia Economic Update According to the latest World Bank Economic Update for Europe and Central Asia, economic activity in the region is estimated to have contracted by 2 percent in 2020, in the wake of disruptions related to COVID-19. The pace of recovery in 2021 is projected to be faster than originally anticipated, at 3.6 percent, as firming external demand and stabilizing industrial commodity prices partly offset a recent flareup in new COVID-19 cases. |
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Regional growth is expected to strengthen to 3.8% in 2022, as the effects of the pandemic gradually wane and trade and investment gather momentum.
The outlook remains highly uncertain, however, and growth could be weaker than envisioned if the pandemic takes longer than expected to fade, external financing conditions tighten, policy uncertainty spikes, or geopolitical tensions escalate again. |  |
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Data, Digitalization, and GovernanceEurope and Central Asia Economic Update, Spring 2021 The COVID-19 pandemic has generated a major health and economic crisis in the Europe and Central Asia region, infecting 15.5 million people. The pandemic is expected to erase at least 5 years of per capita income gains in about 1/6 of the region’s economies and raise the poverty headcount. Economies with strong trade or financial linkages to the euro area and those heavily dependent on services and tourism were the hardest hit.
This update also focuses on the topics of data, digitalization, and governance, and provides policy recommendations for harnessing the data revolution to improve governance across the region.
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