Publication:
Europe and Central Asia Economic Update, Spring 2023: Weak Growth, High Inflation, and a Cost-of-Living Crisis

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dc.contributor.authorRoseman Norfleet, Julia Renee
dc.contributor.authorIzvorski, Ivailo
dc.contributor.authorLokshin, Michael M.
dc.contributor.authorSinger, Dorothe
dc.contributor.authorTorre, Iván
dc.date.accessioned2023-03-29T18:53:54Z
dc.date.available2023-03-29T18:53:54Z
dc.date.issued2023-04-06
dc.description.abstractEconomic 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.
dc.identifier.doi10.1596/978-1-4648-1982-7
dc.identifier.isbn978-1-4648-1982-7 (electronic)
dc.identifier.urihttps://openknowledge.worldbank.org/handle/10986/39617
dc.language.isoen_US
dc.publisherWashington, DC : World Bank
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttps://creativecommons.org/licenses/by/3.0/igo/
dc.subjectECONOMIC GROWTH
dc.subjectINFLATION
dc.subjectCOST OF LIVING
dc.subjectRUSSIA-UKRAINE WAR
dc.subjectGDP
dc.subjectFISCAL CONSOLIDATION
dc.titleEurope and Central Asia Economic Update, Spring 2023
dc.title.subtitleWeak Growth, High Inflation, and a Cost-of-Living Crisis
dc.typeSerial
dspace.entity.typePublication
okr.doctypePublications & Research::Publication
okr.identifier.doihttp://dx.doi.org/10.1596/39617
okr.identifier.doihttps://doi.org/10.1596/39617
okr.language.supporteden
okr.region.geographicalEurope and Central Asia
okr.topicMacroeconomics and Economic Growth::Economic Growth
okr.topicPoverty Reduction::Achieving Shared Growth
okr.unitOffice of the Chief Economist, Europe and Central Asia Region
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relation.isAuthorOfPublication.latestForDiscovery1c6a6184-37da-4d0b-a30a-a4779e7c6fea
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