dc.contributor.author	World Bank
dc.date.accessioned	2024-03-19T15:50:04Z
dc.date.available	2024-03-19T15:50:04Z
dc.date.issued	2024-04-11
dc.description.abstract	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.
dc.identifier.doi	10.1596/978-1-4648-2108-0
dc.identifier.isbn	978-1-4648-2108-0
dc.identifier.uri	https://hdl.handle.net/10986/41214
dc.language.iso	en_US
dc.publisher	Washington, DC: World Bank
dc.rights	CC BY 3.0 IGO
dc.rights.holder	World Bank
dc.rights.uri	http://creativecommons.org/licenses/by/3.0/igo
dc.subject	PRIVATE SECTOR DEVELOPMENT
dc.subject	FIRMS
dc.subject	BUSINESS DYNAMISM
dc.subject	ACCESS TO FINANCE
dc.subject	HUMAN CAPITAL
dc.subject	PRODUCTIVITY
dc.subject	STATE-OWNED ENTERPRISES
dc.subject	ECONOMIC GROWTH
dc.subject	STRUCTURAL REFORMS
dc.subject	EUROPE AND CENTRAL ASIA
dc.subject	NO POVERTY
dc.subject	SDG 1
dc.title	Europe and Central Asia Economic Update, Spring 2024: Unleashing the Power of the Private Sector
dspace.entity.type	Publication
okr.identifier.doi	https://doi.org/10.1596/41214
okr.language.supported	en
okr.topic	Macroeconomics and Economic Growth
okr.topic	Private Sector Development
okr.topic	Poverty Reduction
okr.unit	Europe and Central Asia Office of the Chief Economist

Publication: Europe and Central Asia Economic Update, Spring 2024: Unleashing the Power of the Private Sector

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Europe and Central Asia Economic Update, Spring 2024: Unleashing the Power of the Private Sector