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...

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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 ...

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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 ...

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Bulgaria

Political turmoil in Bulgaria continues for a third consecutive month, with daily protests demanding the resignation of the government. The negative economic ...

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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...

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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 ...

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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 ...

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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 ...

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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+...

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Kosovo

Against all expectations, remittances, foreign direct investment and goods exports rose during the pandemic. Still, the negative economic fallout has been ...

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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 ...

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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...

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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 ...

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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 ...

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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 ...

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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 ...

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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 ...

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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 ...

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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 ...

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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...

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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. ...

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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 ...

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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 ...

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