According to the World Bank, 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. 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. At this point, Growth is expected to recover in 2021, between a range of 1.1 to 3.3 percent. The outlook remains highly uncertain, however, and risks are tilted to the downside.
Sebastian Molineus; World Bank Regional Director for the South Caucasus
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