WB: Kosovo’s economy expected to contract by 8.8 percent

The latest report on the economy in Europe and Central Asia, published today by the World Bank, indicates that Kosovo’s economy is expected to contract by 8.8 percent in 2020.

In the announcement on Facebook, the WB says that the COVID-19 pandemic has caused a decrease in the export of services and a decrease in investments and consumption.

“The COVID-19 pandemic caused a decline in service exports, and reduced investment and consumption. The government responded quickly by providing support to firms and workers; nevertheless, employment is expected to fall and poverty to increase. Increasing remittances should mitigate the impact of the contraction. The recovery is expected to be slower than projected earlier, as the pandemic is lasting longer than expected, hindering growth in 2021.”