• GDP (current US$)

    Economic Developments & Outlook

    Economic growth in the Europe and Central Asia region slowed to 3.1% in 2018, and is projected to decline to 2.1% in 2019, amid slowing global growth and uncertain prospects.

    Growth in countries across the region varied. Russia, the largest economy in the region, contributed strongly to regional growth, alongside accelerating growth in Albania, Hungary, Poland, and Serbia.

    Turkey, meanwhile, experienced a severe slowdown, triggered by financial market and currency pressures – growth is forecast at 1.0% for 2019, a major decline from 7.4% in 2017.

    Regional growth is expected to pick-up modestly in 2020-21, as an anticipated gradual recovery in Turkey offsets moderating activity in Central Europe.

    However, the region is facing a range of long-term challenges including aging populations, declining productivity, weakening investment, and climate change.

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    Last updated on April 5, 2019

  • The World Bank’s regional strategy for Europe and Central Asia seeks to strengthen productivity and resilience through solid foundations, enabling markets, and productive individuals:

    Solid Foundations – To enhance productivity and build resilience – macroeconomic and financial stability, effective governance and institutions, an enabling environment for private sector-led growth, and capacity to adapt to evolving threats such as climate change.

    Enabling Markets – To achieve sustained and inclusive growth – supporting private sector growth, promoting entrepreneurship, competition and innovation, facilitating access to new markets and technology, fostering regional economic integration, and participating in global value chains.

    Productive Individuals – To overcome vulnerability and achieve a middle-class – investing in maternal and child health, and in safety nets to protect households in adversity, supporting the transition to the technology age, improving labor productivity and labor force participation for higher incomes, fostering inclusion, and engaging citizenry for shared prosperity.

    World Bank Assistance and Support

    The World Bank approved $4.5 billion in lending to the region for 37 projects in fiscal year 2018, including $3.6 billion in IBRD loans and $1 billion in IDA commitments.

    The Bank also signed 35 Reimbursable Advisory Services agreements with 11 countries for a total of $74.9 million. These agreements provided technical advice on issues such as public finance and fiscal reforms, urban planning and development, and strengthening education and skills for employment.

  • Results

    We work with client countries to fight poverty and boost shared prosperity by helping them build more responsible institutions, increase private investment, improve service delivery, upgrade infrastructure, protect the environment, support human development, and empower marginalized groups.

    In order to deliver integrated solutions that help countries address their development challenges, we regularly look at where we are achieving results and making an impact. By measuring and monitoring those results, we can then improve the way we support our clients and achieve better development outcomes.

    Find out more about our results in Europe and Central Asia.

    Reimbursable Advisory Services (RAS)

    Middle-income countries interested in highly specific knowledge services that exceed what the Bank can finance from its own resources are increasingly accessing Bank technical expertise using Reimbursable Advisory Services (RAS).

    Find out more about Reimbursable Advisory Services.

    Analytical Work Highlights

    In addition to its financial products and RASs, the Bank produces important research about critical issues in the region. Through its analytical work, the World Bank aims to bring global knowledge and adapt it to the needs of ECA countries.

    Find out more about our publications and research on Europe and Central Asia.

  • European Union, European Commission, and other institutions

    The World Bank’s ECA region has a strategic partnership with the European Union (EU), and is working with the European Commission (EC) and European international financial institutions (IFIs) to improve the capacity of ECA’s EU-member clients to absorb EU funds.

    The Bank works closely together with EU institutions, European IFIs (European Investment Bank [EIB] and the European Bank for Reconstruction and Development [EBRD]), and the International Monetary Fund (IMF) as part of the second Vienna Initiative, which aims to improve banking systems and coordination among banking regulators in EU and non-EU countries.

    The World Bank Group, the EBRD, and the EIB Group came together in November 2012 for a new Joint International Financial Institution (IFI) Action Plan. One of the most important priorities under the Action Plan was to ensure continued financing for SMEs that are key drivers of innovation and job creation in the region.

    ECA works on Roma inclusion across the region in collaboration with various partners, including the European Commission, the Roma Education Fund, and a variety of national Roma agencies.

    The Bank is also working with the EurAsian Economic Community’s (EURASEC) Anti-Crisis Fund and with the Eurasian Development Bank to provide parallel financing for low-income ECA countries.


Additional Resources

Region Contacts

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