Europe And Central Asia Economic Update Fall 2022
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Europe And Central Asia Economic Update Fall 2022
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Author : World Bank
language : en
Publisher: World Bank Publications
Release Date : 2022-10-04
Europe And Central Asia Economic Update Fall 2022 written by World Bank and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-10-04 with Business & Economics categories.
Globalization, demographic trends, the green transition, and technological innovations are transforming labor markets in Europe and Central Asia, altering their institutional and contractual arrangements, and creating disparities and vulnerabilities in the labor force. Systemic risks—economic, health, or climate-related—are also playing an increased role in driving poverty and vulnerability. Social protection systems in Europe and Central Asia will need to be reformed to address these challenges and provide adequate protection to workers and families. Countries in the region responded to the COVID-19 pandemic by implementing social protection packages with a substantial contribution of job protection policies. Analysis of the impact of these policies suggests that while job protection policies may have preserved employment in the short run, this may have come at the expense of efficiency and growth. In the long run, income protection policies may be better at addressing the needs of vulnerable groups as labor markets continue evolving. A policy package that combines a guaranteed minimum income with labor market policies that facilitate job transitions can best help countries address long-term challenges.
Europe And Central Asia Economic Update Spring 2022
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Author : World Bank
language : en
Publisher: World Bank Publications
Release Date : 2022-04-10
Europe And Central Asia Economic Update Spring 2022 written by World Bank and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-04-10 with Business & Economics categories.
In February 2022, the world was shocked by the Russian Federation’s invasion of Ukraine. The war is having a devastating impact on human life and causing economic destruction in both countries, and will lead to significant economic losses in the Europe and Central Asia (ECA) region and the rest of the world. It comes at a particularly vulnerable time for ECA as its economic recovery was expected to be held back by scarring from the pandemic and lingering structural weaknesses. The economic impact of the conflict has reverberated through multiple channels, including commodity and financial markets, trade and migration links, and the damaging impact on confidence. Moreover, the war has added to mounting concerns about a sharp global slowdown, surging inflation and debt, and a spike in poverty levels. Neighboring ECA countries are likely to suffer considerable economic damage because of their strong trade, financial, and migration links with Russia and Ukraine. The war is also causing a destabilizing wave of refugees, financial stresses in vulnerable countries, runaway inflation expectations, and food insecurity. A protracted conflict could further heighten policy uncertainty and fragment critical trade and investment networks.
Europe And Central Asia Economic Update Fall 2023
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Author : Ivailo Izvorski
language : en
Publisher: World Bank Publications
Release Date : 2023-10-05
Europe And Central Asia Economic Update Fall 2023 written by Ivailo Izvorski and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-10-05 with Business & Economics categories.
Europe and Central Asia (ECA) continues to be negatively impacted by the Russian Federation's invasion of Ukraine, tighter global financial conditions, persistent inflation, and global economic fragmentation. Economic growth in the region is projected to remain weak relative to the long-term trend, delaying the convergence of living standards to those of high-income countries. Climate change is becoming a serious constraint on growth, as extreme weather events are affecting the region with increased frequency and severity. Economic growth for the emerging market and developing economies (EMDEs) of the Europe and Central Asia region has been revised up to 2.4% for 2023. The pickup in growth reflects improved forecast for war-hit Ukraine and for Central Asia as well as consumer resiliency in Türkiye and better-than-expected growth in Russia because of a surge in government spending on the military and social transfers. Nevertheless, growth remains weak relative to the long-term pre-pandemic averages. Downside risks cloud the outlook for the 23 EMDEs in Europe and Central Asia. High inflation may persist amid heightened volatility in global commodity markets and a surge in energy prices. Global financial markets may become more volatile and restrictive due to tightening financing conditions. Global growth for 2020-2024 is the weakest than during any five-year period since 1990 and may weaken further.
Europe And Central Asia Economic Update Spring 2023
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Author : Ivailo Izvorski
language : en
Publisher: World Bank Publications
Release Date : 2023-04-06
Europe And Central Asia Economic Update Spring 2023 written by Ivailo Izvorski and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-04-06 with Business & Economics categories.
Economic growth slowed sharply last year in Europe and Central Asia, as Russia's invasion of Ukraine, a surge in inflation, and the sharp tightening of monetary policy and financing conditions hit private consumption, investment, and trade. The marked increase in food and energy prices boosted inflation to a pace not seen in 20 years. The burden of inflation was spread unevenly across households. The poorest households faced inflation that was more than 2 percentage points higher than the inflation faced by the richest households, with this difference exceeding 5 percentage points in some countries. Poverty and inequality rates derived from household-specific inflation rates differ from those based on the standard consumer price index (CPI) approach. These differences have important policy implications, because many programs use CPI†“based inflation adjustments, which do not accurately capture changes in the cost of living of targeted populations. Output growth in the region is projected to remain little changed in 2023 but better than projected in January 2023, largely reflecting upgrades to the pace of expansion in Poland, Russia, and Türkiye.
Europe And Central Asia Economic Update Spring 2024
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Author : The World Bank
language : en
Publisher: World Bank Publications
Release Date : 2024-04-11
Europe And Central Asia Economic Update Spring 2024 written by The World Bank and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-04-11 with Business & Economics categories.
Economic activity in the Europe and Central Asia (ECA) region is expected to remain resilient but slow this year as a weaker global economy, slowdown in China, and lower commodity prices weigh on the region's growth outlook. Regional growth is likely to drop to 2.8 percent in 2024, following substantial strengthening to 3.3 percent last year because of a shift from contraction to expansion in the Russian Federation and war-hit Ukraine, and a more robust recovery in Central Asia. Regional output growth is projected to moderate further to 2.6 percent in 2025. The outlook faces multiple headwinds. A slower-than-expected recovery in key trading partners, restrictive monetary policies, and exacerbation of geopolitical developments could further dampen growth across the region. Weak productivity growth in ECA in the recent decade has resulted in a sharp slowdown in income convergence with advanced economies. Fundamental drivers of productivity growth, including progress in advancing institutional and market reforms, technology adoption, and innovation, are key for enabling private sector-led growth. Boosting business dynamism in ECA will require addressing several challenges, including upgrading the competitive environment, reducing state involvement in the economy, dramatically boosting the quality of education, and strengthening the availability of finance. While meeting these challenges will look different across countries, addressing them is an essential condition to achieve stronger economic growth and overcome the middle-income trap.
World Bank East Asia And Pacific Economic Update October 2022
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Author : World Bank
language : en
Publisher: World Bank Publications
Release Date : 2022-09-30
World Bank East Asia And Pacific Economic Update October 2022 written by World Bank and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-09-30 with Business & Economics categories.
East Asia and the Pacific does not so far conform to the current narrative of stagflation. The region, with some exceptions, is growing faster and has lower inflation than other regions. And prospects for several countries have improved, as they bounced back from the distress of the Delta wave in a still buoyant global economy. But this rosy picture must not obscure four impediments to inclusive and sustainable growth: disease, deceleration, debt, and distortions. In particular, current policies to contain inflation and debt are distorting the markets for food, fuel and finance in ways that could compromise development goals. In each case, more efficient measures could address current difficulties without undermining longer term objectives.
Europe And Central Asia Economic Update April 2019
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Author : World Bank
language : en
Publisher: World Bank Publications
Release Date : 2019-04-05
Europe And Central Asia Economic Update April 2019 written by World Bank and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-04-05 with Business & Economics categories.
With slowing global growth and increasing uncertainty clouding the global economic prospects, the Europe and Central Asia region faces a more challenging context than previously envisioned. Growth in the emerging markets and developing economies in the region slowed in 2018 and is projected to decline to further in 2019, before picking up in 2020-21. What challenges does the region face in the coming year? In the long run, how should policy makers design policies that boost growth and help individuals and firms adjust to the interplay between globalization and technological change? Within the global context, this update summarizes the recent developments and outlook for the region. The focus of this issue is on financial inclusion in the region, as one of the important policy areas that can promote long-term growth, reduce poverty, and enhance resilience to shocks.
Europe And Central Asia Economic Update Fall 2020
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Author : World Bank
language : en
Publisher: World Bank Publications
Release Date : 2020-10-07
Europe And Central Asia Economic Update Fall 2020 written by World Bank and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-10-07 with Business & Economics categories.
The COVID-19 pandemic has hit human capital directly in Europe and Central Asia, adversely affecting both education and health. School closures may lead to learning losses equivalent to a third to a full year of schooling, and they are likely to exacerbate inequalities, by disproportionately affecting students from disadvantaged backgrounds. The disease has already killed thousands of people, and some patients who survive will suffer long-term damage to their health. Recovery from the pandemic will thus require strong investment in education and health. This update examines human capital outcomes in the region and the ways in which the pandemic is likely to affect them. A focus on the quality of tertiary education and health risk factors of obesity, smoking, and heavy drinking highlights the challenges that are particularly important for the region. Post-COVID 19 policy initiatives to improve education and health will need to recognize the challenges posed by increased reliance on remote learning and the importance of being prepared for future pandemics, given the vulnerability of the region’s aging societies and the large number of people with underlying health risks.
Europe And Central Asia Economic Update Fall 2021
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Author : World Bank
language : en
Publisher: World Bank Publications
Release Date : 2021-10-05
Europe And Central Asia Economic Update Fall 2021 written by World Bank and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-10-05 with Business & Economics categories.
Although global economic activity is recovering and output in Europe and Central Asia (ECA) is expected to grow in 2021, containing COVID-19 remains a challenge in the region. Enterprise survey data for the emerging and developing countries in the region show that COVID-19 had a profound and heterogeneous impact on firms. Smaller, younger, and female-run businesses were hit harder and had greater difficulty recovering. But the crisis also played a cleansing role and economic activity in ECA appears to have been reallocated toward more productive firms during the crisis, particularly in countries with more competitive markets. Firms with high pre-crisis labor productivity experienced significantly smaller drops in sales and employment than firms with low pre-crisis labor productivity and were also more likely to adapt to the crisis by increasing online activity and remote work. Many governments in ECA implemented broad policy support schemes to address the initial economic fallout from the crisis. Overall, this government support was more likely to go to less productive and larger firms, regardless of the level of their pre-crisis innovation. As economies enter the economic recovery phase, it will be important for policy makers in all countries to phase out broad policy support measures as soon as appropriate and focus on fostering a competitive business environment, which is key to a strong recovery, resilience to future crises, and sustainable, long-term economic growth.
Europe And Central Asia Economic Update April 2016
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Author : World Bank
language : en
Publisher: World Bank Publications
Release Date : 2016-04-14
Europe And Central Asia Economic Update April 2016 written by World Bank and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-04-14 with Business & Economics categories.
The economies of Europe and Central Asia (ECA) are facing complex challenges. In the eastern part of the region the task of governments is to orchestrate a coordinated crisis response. The collapse of oil revenues and the associated decline in remittances triggered a chain reaction of shocks. Adjustment to these shocks requires a new monetary policy regime, resolution of serious fragilities in banking sectors, fiscal reforms that put government finances on a sustainable path, while guaranteeing fair burden sharing, and facilitation of job creation in sectors that compete internationally. In the western part of the region policy coordination within the European Union is being tested by the refugee crisis and a possible Brexit. Meanwhile the Chinese economy has slowed down and is in the process of fundamental transformation. Also these developments have major impacts on the ECA region. The report analyses all these challenges and points at the opportunities to become more competitive in global markets.