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 ...

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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 ...

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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. ...

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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...

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Croatia

Croatia’s authorities responded quickly to the pandemic and launched comprehensive stimulus packages to mitigate its effects. Given the serious decline in ...

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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...

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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 ...

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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 ...

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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 ...

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Kosovo

The political unrest continues unabated, despite the COVID-19 emergency. Given the high exposure of Kosovo to Germany and Switzerland – especially as concerns...

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Latvia

Government restrictions on shopping and restaurants have been relatively liberal in Latvia, but that will not prevent economic activity from declining sharply ...

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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 ...

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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 ...

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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 ...

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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 ...

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Poland

The fiscal measures actually implemented are proving untimely and inadequate, in view of the strain felt throughout the private sector. However, the determined ...

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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 ...

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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 ...

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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...

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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 ...

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Slovenia

The Coronavirus pandemic will probably hit the Slovenian economy even harder than the financial crisis did. Tourism, transport, retail trade and the ...

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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 ...

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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. ...

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