Countries Overview
Albania
The economy is expected to contract by 6.4% in 2020. Recovery is unlikely to be just around the corner, given the current pandemic. The public debt is in danger...
Belarus
The ongoing protests in Belarus have triggered the worst political crisis in recent history and brought to light some deep-seated problems. The economy is ...
Bosnia and Herzegovina
The COVID-19 pandemic has led to a substantial slump in exports, tourism earnings, private consumption and industrial production, causing BiH’s GDP to ...
Bulgaria
Political turmoil in Bulgaria continues for a third consecutive month, with daily protests demanding the resignation of the government. The negative economic ...
Croatia
The economy’s heavy reliance on tourism means that Croatia will suffer one of the biggest contractions in CESEE in 2020, with real GDP projected to decline by...
Czechia
In the first half of 2020, all the components of aggregate demand (except for public consumption) declined strongly, with foreign trade making a particularly ...
Estonia
The economic slump of March-May 2020 was short-lived and was followed by an upswing in external and household demand. Nevertheless, the second wave of ...
Hungary
The COVID-19 crisis has hit the economy hard, with the export of vehicles and tourism suffering the most. Household consumption and investment have declined ...
Kazakhstan
A substantial anti-crisis package is mitigating the impact on the economy of two lockdowns and low oil prices. The cut in oil production, in line with the OPEC+...
Kosovo
Against all expectations, remittances, foreign direct investment and goods exports rose during the pandemic. Still, the negative economic fallout has been ...
Latvia
The Latvian economy has experienced a sharp decline, but seems to have bounced back quite quickly in the third quarter of 2020. Household consumption fell by ...
Lithuania
The Lithuanian economy experienced only a short-lived and contained recession in the second quarter of 2020, with GDP declining by 4.2% year on year. Within the...
Moldova
The poorest country in Europe also has the highest figures for COVID-19 infections and fatalities in relation to population. Fiscal policy has very limited ...
Montenegro
The COVID-19 pandemic is exacting a heavy toll on the Montenegrin economy, largely because of the country’s reliance on its tourism sector: arrivals were ...
North Macedonia
Since May, North Macedonia has failed to contain the pandemic. The government has also not provided adequate fiscal support to the economy. That led to a ...
Poland
In the second quarter of 2020, GDP fell by 7.9%, but the third quarter has brought some respite to industry. Monetary and fiscal policies have been very ...
Romania
Despite the high epidemiological risk, the government plans only local lockdowns in future. GDP is projected to decline by 5.5% in 2020 and to hit its 2019 ...
Russia
In the second quarter, the economy shrank by a relatively moderate 8%, and the subsequent rebound has been reasonably strong. However, a recent upsurge in new ...
Serbia
Serbia has been among the best-performing European countries during the COVID-19 pandemic. GDP fell by just 0.8% in the first half of the year, and data for Q3 ...
Slovakia
The COVID-19 pandemic and a related severe lockdown hit the Slovak economy in the second quarter of 2020, when GDP contracted by 12.1% year on year. There was a...
Slovenia
Although Slovenia’s economy was hit hard by the pandemic and will decline by 6.7% in 2020, this is a significant revision upwards from the previous forecast. ...
Turkey
The economy staged an impressive rebound in Q3, but this relied heavily on credit, resulting in a weaker lira, higher inflation and a widening of the current ...
Ukraine
After a sharp contraction in the second quarter of 2020, the Ukrainian economy has started to recover. We expect economic growth to return in 2021-2022, but to ...