In 2021, the Western Balkans region is seeing a faster-than-expected recovery from the COVID-19-induced recession that all six economies experienced in 2020, the World Bank said on Thursday.
In its semi-annual report on recent economic developments and the outlook, the lender said that in all six regional countries: Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia, and Serbia, GDP growth was projected to reach 5.9 percent in 2021, after a 3.1 percent contraction in 2020.
The Bank added the growth in the region was projected at 4.1 percent in 2022 and 3.8 percent in 2023, and was expected to resume its pre-crisis path.
„This rebound is due to a combination of domestic reopening and favourable external conditions for the region’s exports. Falling infection rates and loosened mobility restrictions allowed for a sharp rebound in domestic consumption and tourism arrivals. A strong recovery in advanced economies also provided a boost to demand the region’s exports,“ the Bak said.