Europe and Central Asia Economic Update, Fall 2023: Sluggish Growth, Rising Risks

Europe and Central Asia Economic Update, Fall 2023: Sluggish Growth, Rising Risks

The World Bank (WB) presented a new working paper on economic development in Europe and Central Asia (ECA).

According to the organization's estimates, economic growth in the region will be 2.4% in 2023, 2.5% in 2024, and 2.7% in 2025. Weak economic dynamics (7.2% in 2021) are due to the aggravation of the geopolitical situation, the slowdown in the rate of economic development of the PRC (the largest trading partner of the ECA countries), and the consequences of tight monetary policy.

The World Bank notes the growing socio-economic gap between the countries of the region. In 2023, economic growth in Turkey will be 4.2%, in Azerbaijan – 1.5%. Experts have revised the June forecast for the Russian economy upward (1.6% in 2023) due to an increase in government social and military spending. However, the World Bank expects economic growth to slow to 1.3% in 2024 and 0.9% in 2025 due to restrictions in industrial production and a slowdown in consumer demand.

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