Publication:
Living Up to Potential in the Wake of Adverse Shocks: Inclusive Growth - Tested Again (Part 1)

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2022/07/14
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2022/07/14
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The world has been hit by two destabilizing shocks in quick succession. The COVID-19 pandemic induced the sharpest peacetime recession in the European Union (EU) in 2020, reversing recent progress in rising living standards and leaving deep economic scars among the vulnerable populations. The economic recovery was robust, with most of the EU member economies recovering to pre-pandemic levels in 2021 (Figure ES1, panel a). With strong growth prospects, the resumption of income convergence was in sight. Then, in February 2022, the Russia – Ukraine war began, and the global impact of the war has been substantial. Part 1 of this report discusses the trends in inclusive growth in the EU over the past year with a focus on the following four regions: Northern Europe, Western Europe, Southern Europe and Central and Southeast Europe. Depending on data availability, it also zooms in on a set of selected countries: Romania, Bulgaria, Croatia and Poland. Part 1 of this report also discusses short-term prospects, highlighting the key risks to the outlook.
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World Bank. 2022. Living Up to Potential in the Wake of Adverse Shocks: Inclusive Growth - Tested Again (Part 1). EU Regular Economic Report;No.8. © Washington, DC : World Bank. http://hdl.handle.net/10986/37714 License: CC BY 3.0 IGO.
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