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 ...

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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 ...

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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 ...

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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 ...

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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 ...

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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, ...

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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 ...

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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. ...

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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. ...

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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 ...

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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. ...

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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% ...

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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 ...

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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 ...

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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 ...

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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 ...

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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...

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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 ...

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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...

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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 ...

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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 ...

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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 ...

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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 ...

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