EU Regular Economic Report 8 : Living Up to Potential in the Wake of Adverse Shocks : Part 1 - Inclusive Growth - Tested Again
The world has been hit by two destabilizing shocks in quick succession. The COVID-19 pandemic induced the sharpest peacetime recession in the European Union (EU) in 2020, reversing recent progress in rising living standards and leaving deep economi...
| Main Author: | |
|---|---|
| Format: | Report |
| Language: | English en_US |
| Published: |
Washington, DC : World Bank
2022
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/099010007142218777/P177597091529409d09e9107f38ffc27935 http://hdl.handle.net/10986/37714 |
| Summary: | The world has been hit by two
destabilizing shocks in quick succession. The COVID-19
pandemic induced the sharpest peacetime recession in the
European Union (EU) in 2020, reversing recent progress in
rising living standards and leaving deep economic scars
among the vulnerable populations. The economic recovery was
robust, with most of the EU member economies recovering to
pre-pandemic levels in 2021 (Figure ES1, panel a). With
strong growth prospects, the resumption of income
convergence was in sight. Then, in February 2022, the Russia
– Ukraine war began, and the global impact of the war has
been substantial. Part 1 of this report discusses the trends
in inclusive growth in the EU over the past year with a
focus on the following four regions: Northern Europe,
Western Europe, Southern Europe and Central and Southeast
Europe. Depending on data availability, it also zooms in on
a set of selected countries: Romania, Bulgaria, Croatia and
Poland. Part 1 of this report also discusses short-term
prospects, highlighting the key risks to the outlook. |
|---|