The World Bank (WB) adjusted its forecast for the emerging and developing economies (EMDE) in Europe and Central Asia (ECA) for 2020.
Gross Domestic Product (GDP) expectation in the ECA region was updated upwards to -4.4% for this year, compared to June’s GDP expectation of -4.7%. For 2021, the GDP growth is likely to go up to 3.3%.
Montenegro would post the biggest deceleration in GDP to -12.4%, followed by Kosovo at -8.8% and Albania at -8.4%. WB only foresaw Tajikistan and Uzbekistan to post positive growth this year by 1.6% and 0.6%, respectively.
Turkey’s GDP was forecast to shrink by 3.8% this year but grow by 4% next year. Oil-rich Azerbaijan es predicted to see a contraction in its GDP by 4.2%, down from the previous forecast of 3%, and next year it would probably see a 1.9% rebound.
