“The main risks to the realization of this forecast are associated with the slow pace of reforms and vaccinations,” says the Regional economic prospects report.
The 4% fall in GDP in 2020 was triggered by a decline in foreign demand paired with domestic demand for multiple lockdowns. Macroeconomic stability was maintained by streamlined macro-financial management.
“While the economy fell 2,2% year-on-year in the first quarter of 2021 due to the continued lockdown, there are signs of a gradual return to growth in the second quarter thanks to higher commodity prices,” commented Dymytar Bohov, regional economist at the European Bank for Reconstruction and Development.
