Europe

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2020

October 21, 2020

Regional Economic Outlook for Europe, Fall 2020

Description: The COVID-19 pandemic has hit Europe particularly hard — we project that the economic contraction in 2020 will be among the world's largest. Countries in Europe responded swiftly to the pandemic, which helped avoid worse outcomes. A decisive policy response protected incomes and the productive capacity of the economy. Across Europe, governments deployed large fiscal packages to support households and firms, with job retention programs preserving at least 54 million jobs. But the outlook for 2020 remains bleak and the recovery will be partial and uneven. We project that economic activity in Europe this year will decline by 7% and rebound by 4.7% in 2021. The recovery path is exceptionally uncertain. The ongoing resurgence of infections across Europe presents perhaps the greatest downside risk at this stage. Learn more, download our new Regional Economic Outlook for Europe.

2019

2018

2017

May 11, 2017

A Broadening Recovery

Description: Growth has broadened across Central, Eastern, and Southeastern Europe (CESEE). Outside the Commonwealth of Independent States (CIS) and Turkey, growth has remained strong, driven by accommodative policies. Meanwhile, Russia and the rest of the CIS are finally on the road to recovery, with firming oil prices lifting activity. Growth in Turkey has rebounded partially after dropping sharply in the wake of elevated political uncertainty.

2016

November 1, 2016

Regional Economic Issues (REI): Central, Eastern, and Southeastern Europe: Effective Government for Stronger Growth, November 2016

Description: Economic growth remains solid in much of Central, Eastern and Southeastern Europe (CESEE). Outside the Commonwealth of Independent States (CIS), growth has continued at a good pace on the back of accommodative macroeconomic policies as well as buoyant consumption supported by strong real wage and employment growth. In Russia, the pace of economic contraction has moderated, as the economy appears to have adjusted to lower oil prices and the sanctions shock. Other CIS economies are gradually exiting from recessions on improved external demand. For the region as a whole, GDP growth is projected to reach 1.3 percent in 2016 and 2.1 percent in 2017, largely reflecting the improved outlook in the CIS.

2015

November 13, 2015

Central, Eastern and Southeastern Europe: Regional Economic Issues; November 2015

Description: While a modest contraction in activity is expected this year for the Central, Eastern and Southeastern Europe (CESEE) as a whole, this reflects widely divergent country-specific developments. Most economies are growing at a relatively healthy pace, with the exception of Russia and the rest of the CIS, which are in recession. CESEE growth is expected to turn positive in 2016, but risks are tilted to the downside. Regional financial markets have, generally, weathered well the recent bouts of market volatility stemming from worries about Grexit, slowing activity in China, and falling commodity prices.

May 1, 2015

Central, Eastern and Southeastern Europe: Regional Economic Issues, May 2015

Description: The global growth projection for 2014 has been marked down by 0.3 percent to 3.4 percent, reflecting both the legacy of the weak first quarter, particularly in the United States, and a less optimistic outlook for several emerging markets. With somewhat stronger growth expected in some advanced economies next year, the global growth projection for 2015 remains at 4 percent.

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