According to World Bank forecasts, the global economy will shrink by 5.2% this year.
That would represent the deepest recession since the Second World War, with the largest fraction of economies experiencing declines in per capita output since 1870, the World Bank says in its June 2020 Global Economic Prospects.
Economic activity among advanced economies is anticipated to shrink 7% in 2020 as domestic demand and supply, trade, and finance have been severely disrupted.
Emerging market and developing economies (EMDEs) are expected to shrink by 2.5% this year, their first contraction as a group in at least sixty years.
Per capita incomes are expected to decline by 3.6%, which will tip millions of people into extreme poverty this year.
In CEE, Serbia has the slowest GDP decline this year and Croatia the biggest growth in 2021
For the Bulgarian economy, the forecast is a decline of 6.2% for 2020 and a recovery next year to a growth of 4.3%.
Croatia will suffer a GDP decline of -9.3% in 2020 and a recovery of 5.4% in 2021.
Hungarian economy will have a decline of -5.0% this year and a rise of 4.5% next year.
Poland is in a better situation with an economic decline of -4.2% in 2020, but a slower recovery, of just 2.8% in 2021.
For Romania, GDP will decrease by -5.7% this year and a rise of 5.4% in 2021.
Serbian GDP will decline by -2.5% in 2020 and a recovery of 4.0% in 2021.