"Output in the EBRD regions contracted by 8.2 per cent year-on-year in the second quarter of 2020 as social distancing measures aimed at containing the spread of Covid-19 weighed on domestic demand and supply. Their effects were compounded by weaker demand for exports, a collapse in tourism, a drop in remittances and low commodity prices. This contraction was steeper than anticipated in May although less deep than in advanced economies where lockdowns tended to be longer. The averages mask significant variation in economic outcomes across the EBRD regions, with tourism-dependent Croatia, Greece and Tunisia recording contractions in excess of 15 per cent year-on-year.
A striking 73 per cent of respondents in the EBRD regions say they were personally affected by the Covid-19 crisis, compared with 41 per cent of respondents in advanced Europe, according to the results of a representative household survey conducted by the EBRD and the ifo Institute in 8 economies in the EBRD regions and 6 advanced economies in Europe in August 2020. Job losses, and, in particular, business closures, appear to be already more widespread than in the aftermath of the global financial crisis. The burden of the crisis has been disproportionately borne by those with lower levels of education and income. The results of these surveys are informative about the breadth of the crisis impact and they also shed light on groups of individuals most affected..."
EBRD has published the full report and slides to the report in English language. The report can be can be accessed via the following link and slides under the following link.
Source: EBRD