Countries Overview
Albania
The Albanian economy contracted in the last quarter of last year, due to a devastating earthquake on 26 November 2019. The COVID-19 crisis has thus affected an ...
Belarus
Defying the COVID-19 threat, Belarus has not yet declared a formal lockdown. The economic fallout from the pandemic has been increasing through both internal ...
Bosnia and Herzegovina
The shutdown caused by the COVID-19 pandemic is severely jeopardising business in the tourism, hospitality, manufacturing and transport sectors throughout BiH. ...
Bulgaria
The spread of the COVID-19 infection in Bulgaria has been relatively limited, but the country has been under lockdown since mid-March. The economic fallout from...
Croatia
Croatia’s authorities responded quickly to the pandemic and launched comprehensive stimulus packages to mitigate its effects. Given the serious decline in ...
Czech Republic
Fiscal and monetary policy moves cannot neutralise the effects of the slump in external demand for the products of the automotive industry, the economy’s most...
Estonia
The restrictions imposed in Estonia have been relatively light, and the government announced a rescue package worth 7% of GDP back in mid-March. However, the ...
Hungary
The country’s crisis management efforts consist primarily of a big reshuffle of budgetary expenditure and revenue, but the real fiscal stimulus will be only ...
Kazakhstan
A large part of the deterioration in Kazakhstan’s economic performance will be due to the trade sector and the disruption it has faced in the wake of the ...
Kosovo
The political unrest continues unabated, despite the COVID-19 emergency. Given the high exposure of Kosovo to Germany and Switzerland – especially as concerns...
Latvia
Government restrictions on shopping and restaurants have been relatively liberal in Latvia, but that will not prevent economic activity from declining sharply ...
Lithuania
Figures for the first quarter of 2020 show that the Lithuanian economy was in a high gear before foreign and domestic demand collapsed. The Lithuanian ...
Moldova
While Moldova’s exposure to COVID-19 has been relatively modest, its health system is underdeveloped and the fiscal resources it has at its disposal to deal ...
Montenegro
The COVID-19 pandemic is taking its toll on Montenegro, with reduced economic activity leading to lower investment and fewer exports. Personal consumption is ...
North Macedonia
North Macedonia’s foreign trade market will likely underperform in 2020, as output is closely linked to the crisis-hit European car industry. GDP is expected ...
Poland
The fiscal measures actually implemented are proving untimely and inadequate, in view of the strain felt throughout the private sector. However, the determined ...
Romania
The health system was ill-prepared to deal with the Coronavirus pandemic, and the government responded with strict lockdown measures that are unlikely to be ...
Russia
The Russian economy is facing a double shock, with the Coronavirus crisis and collapsing oil prices. As a result, budget and current account surpluses are ...
Serbia
The economy will suffer badly this year from the Coronavirus fallout, and we expect a full-year decline in real GDP of 4%. This will be less severe than in many...
Slovakia
The outlook for Slovakia is grim, with GDP forecast to drop by about 9% in 2020 (recovering somewhat in 2021, by 4.6%). Worldwide, the automotive industry is ...
Slovenia
The Coronavirus pandemic will probably hit the Slovenian economy even harder than the financial crisis did. Tourism, transport, retail trade and the ...
Turkey
Having only just recovered from the 2018 lira collapse, Turkey finds itself back in the midst of yet another crisis. The Coronavirus will present huge ...
Ukraine
The Ukrainian economy will be hit quite hard by the Coronavirus crisis – in 2020, GDP will fall by 6%, due to plummeting private consumption and investment. ...