Europe and Central Asia region is going to face the worst financial crisis since the 2007 and 2008 financial crisis - World Bank Regional Director for the South Caucasus, Sebastian Molineus commented on the latest edition of the World Bank’s Economic Update for the region, released today.
World Bank predicts that countries across the Europe and Central Asia region are going to contract by some 4.4 percent. “The good news is that, we expect that the region will see a recovery, an economic recovery next year, somewhere between 1.1 and 3.3 percent however, this outlook is highly uncertain and tilted towards the downside, if I’m honest” – Molineus commented.
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.
