Emerging and developing economies in the Europe and Central Asia region are on course to contract by 4.4 percent this year, the worst recession since the global financial crisis of 2008, says the latest edition of the World Bank’s Economic Update for the region, released today.

Growth is expected to recover in 2021, between a ranges of 1.1 percent to 3.3 percent. The outlook remains highly uncertain, however, and risks are tilted to the downside – World Bank reports.

According to the World Bank, the pace of recovery depends on the duration of the COVID-19 pandemic, the availability and distribution of a vaccine, and the degree of improvement in global trade and investment. As a result, growth in the region could be weaker than expected if the pandemic worsens.

“In such challenging times, countries in Europe and Central Asia must look beyond the immediate crises and prepare for a post-pandemic resilient recovery,” said Anna Bjerde, World Bank Vice President for the Europe and Central Asia region. “This means strengthening governance, improving the investment climate, and fostering innovation and digital development. Significant and sustained investment in quality education and health care will be especially critical.”