The slow economic growth is hindering the recovery in countries in Europe and Central Asia with emerging markets, according to a report by the World Bank on the region's economy.
Economic activity in countries with emerging markets and developing countries in the Europe and Central Asia region is likely to slow down this year due to the adverse effects of the global economic slowdown, tight monetary policies, slowing growth in China, and declining commodity prices.
The economic growth in the region is expected to slow down to 2.8 percent after a significant increase to 3.3 percent in 2023.
"Countries in Europe and Central Asia continue to face numerous crises exacerbated by the unfavorable dynamics of global economic growth. Restarting productivity growth through stimulating business dynamism and enhancing resilience to climate-related risks can help protect the region's population and accelerate economic growth," said Antonella Bassani, World Bank Vice President for Europe and Central Asia.
Inflation in countries with emerging markets and developing countries in Europe and Central Asia is decreasing faster than expected, largely due to a sharp decline in global prices for food and energy resources.
