Report

Western Balkans Regular Economic Report, No. 19, Spring 2021 : Subdued Recovery

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collection.link.85
https://openknowledge.worldbank.org/handle/10986/2193
collection.name.85
Economic Updates and Modeling
dc.contributor.author
World Bank
dc.date.accessioned
2021-04-27T13:12:09Z
dc.date.available
2021-04-27T13:12:09Z
dc.date.issued
2021-04-27
dc.date.lastModified
2021-04-28T05:10:45Z
dc.description.abstract
In 2020 COVID-19 (coronavirus) plunged the Western Balkan countries, like the rest of the world, into deep recession. Economic activity contracted by an estimated 3.4 percent - the worst downturn on record. The primary causes were the drop in both domestic and foreign demand and disruptions in supply chains, especially early in the year when activity in a number of sectors simply shut down. Countries like Montenegro that have a services or tourism-oriented economy, and those where more stringent containment measures and lockdowns were imposed fared the worst. The economy began to reactivate in Q3 2020, supported by a partial easing of stringent lockdowns and the revival of global demand as vaccine development advanced. However, in late 2020 restrictions were renewed in response to a resurgence of infections across most of the region; they have kept the recovery subdued. The crisis has led to significant job losses and interruptions in welfare improvements, but the labor market is rebounding from the troughs of the recession. As noted in the Fall 2020 Regular Economic Report (RER), the pandemic halted a decade of progress in boosting incomes and reducing poverty: Since its start 139,000 jobs have been lost and between 165,000 and 336,000 people in theregion were pushed into poverty. However, job support schemes and other government measures limited the labor market fallout and helped to prevent steeper spikes in poverty. By yearend, the labor market had recovered half its pandemic losses, but large numbers of people are still unemployed, and many dropped out of the labor force discouraged by the poor economic prospects. Moreover, workers with less education, women, youth, those in contact-intensive sectors, and those informally employed have suffered disproportionate livelihood and income losses.
en
dc.identifier
http://documents.worldbank.org/curated/en/303461619449910634/Subdued-Recovery
dc.identifier.uri
http://hdl.handle.net/10986/35509
dc.language
English
dc.publisher
World Bank, Washington, DC
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
ECONOMIC GROWTH
dc.subject
ECONOMIC RECESSION
dc.subject
LABOR MARKET
dc.subject
POVERTY
dc.subject
CORONAVIRUS
dc.subject
COVID-19
dc.subject
PANDEMIC IMPACT
dc.subject
PANDEMIC RESPONSE
dc.subject
FISCAL SUPPORT
dc.subject
INFLATION
dc.subject
EXTERNAL IMBALANCES
dc.subject
COVID-19 VACCINATION
dc.subject
INFORMALITY
dc.subject
ECONOMIC RECOVERY
dc.subject
ECONOMIC OUTLOOK
dc.title
Western Balkans Regular Economic Report, No. 19, Spring 2021
en
dc.title.subtitle
Subdued Recovery
en
dc.type
Report
en
okr.date.disclosure
2021-04-26
okr.doctype
Economic & Sector Work
okr.doctype
Economic & Sector Work :: Economic Updates and Modeling
okr.docurl
http://documents.worldbank.org/curated/en/303461619449910634/Subdued-Recovery
okr.googlescholar.linkpresent
yes
okr.guid
303461619449910634
okr.identifier.externaldocumentum
090224b08852901c_1_0
okr.identifier.internaldocumentum
33026438
okr.identifier.report
158538
okr.imported
true
en
okr.language.supported
en
okr.pdfurl
http://documents.worldbank.org/curated/en/303461619449910634/pdf/Subdued-Recovery.pdf
en
okr.region.administrative
Europe and Central Asia
okr.region.country
Albania
okr.region.country
Bosnia and Herzegovina
okr.region.country
Kosovo
okr.region.country
North Macedonia (Formerly the Former Yugoslav Republic of Macedonia)
okr.region.country
Montenegro
okr.region.country
Serbia
okr.region.geographical
Eastern Europe
okr.topic
Health, Nutrition and Population :: Disease Control & Prevention
okr.topic
Macroeconomics and Economic Growth :: Business Cycles and Stabilization Policies
okr.topic
Macroeconomics and Economic Growth :: Economic Growth
okr.topic
Macroeconomics and Economic Growth :: Fiscal & Monetary Policy
okr.topic
Poverty Reduction :: Employment and Shared Growth
okr.topic
Poverty Reduction :: Inequality
okr.topic
Social Protections and Labor :: Labor Markets
okr.unit
EFI-ECA-MTI-MacroFiscal-2 (EECM2)

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