Presentation of the Fall 2023 Europe and Central Asia Economic Update by Ivailo Izvorski, Chief Economist for Europe and Central Asia region, World Bank
The analysis of the latest Fall 2023 Europe and Central Asia (ECA) Economic Update shows that the region continues to be negatively impacted by Russia’s invasion of Ukraine, tighter global financial conditions, persistent inflation, and global economic fragmentation. Nonetheless, economic growth for the emerging markets and developing economies of ECA has been revised up to 2.4% for 2023. This pickup in growth reflects improved projections for Ukraine, Central Asia, Türkiye, and Russia. At this pace, growth will remain below the long-term pre-pandemic averages. Downside risks cloud the outlook. High inflation may persist amid heightened volatility in global commodity markets and a surge in energy prices. The impacts of climate change are becoming a serious constraint on growth, as extreme weather events are affecting the region with increased frequency and severity.
Join our discussion to learn more about growth outlook, key opportunities and priorities for ECA countries.