Slow economic growth is hampering economic recovery in the emerging market countries of Europe and Central Asia. The report of the World Bank on the region’s economy says.
Economic activity in emerging market and developing economies in the Europe and Central Asia region is likely to slow down this year as they are adversely affected by a weakening global economy, tight monetary policy, slower growth in China, and lower commodity prices.
Economic growth in the region will slow down to 2.8 percent after a significant increase to 3.3 percent in 2023.
«The states of Europe and Central Asia continue to confront multiple crises exacerbated by unfavorable global growth dynamics. Restoring productivity growth by fostering business dynamism and building resilience to climate change risks can help protect the region’s population and boost economic growth,» the World Bank Vice President for Europe and Central Asia Antonella Bassani said.
Inflation in emerging market and developing countries in Europe and Central Asia is falling faster than expected, largely due to a sharp drop in global food and energy prices.
