“Growth in 2019 at 3.6 percent surprised on the upside and unemployment declined
to another historical low as employment increased. Yet, the near-term outlook –
similarly to other countries in the region – is dim due to the COVID-19 crisis, with the
economy going into recession in 2020. The pandemic and containment measures
will affect the economy through the demand and supply side. If the outbreak and
restrictive measures on national and global economies persist beyond the second
quarter, the recession will be more severe and will erase labor market improvements
and deepen fiscal vulnerability,” reads the World Bank report.
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