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GDP (current US$)

Economic growth for the emerging market and developing economies (EMDEs) of the Europe and Central Asia region is expected to drop to 2.8% in 2024, following a substantial strengthening to 3.3% in 2023. This is due to 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 likely to remain broadly unchanged in 2025.

Such sluggish growth will further delay the region’s recovery from recent shocks, including Russia’s invasion of Ukraine, which remains ongoing, the COVID-19 pandemic, and the 2022 cost-of-living crisis. 

In Ukraine, the pace of recovery is projected to slow to 3.2% this year from 4.8% in 2023, reflecting a smaller harvest and persistent labor shortage. The country’s economic outlook remains conditional on donor support and the duration of Russia’s invasion. According to recent estimates by the World Bank and partner institutions, the cost of reconstruction and recovery in Ukraine has grown to $486 billion, which is more than two times the size of Ukraine’s pre-war economy in 2021.

Learn More: Regional Economic Update Spring 2024


Last Updated: Apr 16, 2024


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