Countries Overview
Albania
Recovery will be slower than expected, as the pandemic is still weighing on economic activity. Domestic demand will support growth, but still at below ...
Belarus
Although Belarus experienced only a mild recession in 2020, the country is going through a period of political and economic turmoil. The disputed presidential ...
Bosnia and Herzegovina
The COVID-19 pandemic caused the worst recession in Bosnia and Herzegovina since the Bosnian war, with an estimated GDP decline in 2020 of 5%. With the third ...
Bulgaria
After a year of protests and social turmoil, Bulgaria is entering a new electoral cycle with uncertain outcomes. The negative macroeconomic impact of the ...
Croatia
After 2015, Croatia witnessed an economic recovery; however, the COVID-19 pandemic stopped it in its tracks. GDP contracted by 8.4% in 2020, due largely to the ...
Czechia
GDP fell by 5.6% in 2020, a smaller decline than had been expected. Although the intensity of the recession was still evident in the fourth quarter of 2020, ...
Estonia
The rebound in economic activity in the second half of 2020 suggested that the Estonian economy would bounce back once the virus was contained and restrictions ...
Hungary
Hungary’s GDP dropped by 5% in 2020, due mostly to declining net exports, but also, to a smaller extent, to shrinking investment and household consumption. ...
Kazakhstan
After a relatively moderate real GDP decline of 2.6% in 2020 (thanks to a large anti-crisis fiscal package), economic recovery of 3.2% is expected for 2021. ...
Kosovo
The economy contracted by 5% in 2020, but growth will return to 4.5% in the medium term, supported by domestic and external demand. However, the downside risks ...
Latvia
With GDP declining by 3.6% the Latvian economy has experienced a milder recession than expected; however, the subsequent revival of 2021 will be restrained. ...
Lithuania
The Lithuanian economy experienced a short-lived recession in the second quarter of 2020, recovering quickly and experiencing just a small GDP decline of 0.8% ...
Moldova
The 7% drop in GDP in 2020 was mainly the result of contracting household demand and an extremely bad harvest. Official employment and unemployment both ...
Montenegro
Montenegro suffered comfortable CESEE’s deepest contraction in economic activity in 2020, with GDP shrinking by 15.2% on the back of a steep decline in ...
North Macedonia
After a large initial decline, North Macedonia’s economy improved in the second half of 2020, ending the year with a minus of 4.5%. The improvement came as a ...
Poland
The decline in GDP in 2020 turned out to be quite shallow. Trade made a positive contribution to growth, and industry is recovering. Inadequate demand remains ...
Romania
The Romanian economy weathered the 2020 COVID-19 storm better than many others in the EU. Restrictions were less severe than elsewhere during the winter, and so...
Russia
Few restrictions in response to the second wave of the pandemic have resulted in a sharp rise in infections and deaths, but have also mitigated the extent of ...
Serbia
Serbia finished 2020 as one of the best-performing European economies, and started 2021 in a similar manner. Real GDP fell by just 1% in 2020, fuelled by strong...
Slovakia
Slovakia’s GDP dropped by 5.2% in 2020. This year the economy is expected to recover by 3.6%; in the following years the inflow of EU funds should foster ...
Slovenia
The economy remained robust during the strong second wave of the pandemic, which got under way in October. Exports, manufacturing and construction covered the ...
Turkey
Uniquely in CESEE, the Turkish economy posted positive full-year economic growth in 2020, reflecting credit expansion in response to the pandemic. A period of ...
Ukraine
Ukraine’s GDP contracted in 2020 by only 4%, largely because of favourable conditions in key export markets and resilient household incomes. In 2021 the ...