Growth to decline in emerging markets in Europe and sub-Saharan Africa – The National

Growth to decline in emerging markets in Europe and sub-Saharan Africa – The National

Russia's economy is expected to contract 1.3 per cent this year amid coronavirus crisis, IIF report says. Growth is expected to decline 1.3 per cent in emerging markets (EM) in Europe and 0.2 per cent in sub-Saharan Africa due to coronavirus pandemic, the Institute of International Finance said.. A number of countries in sub-Saharan Africa, particularly, are likely to be hit by lower demand for oil and other commodities.. "For emerging markets, financial channels amplify the already severe global growth and commodity price shocks.. The report said Central and Eastern Europe (CEE), due to its dependence on exports to the Euro area, will be heavily affected by a significant contraction in output in the currency union.. The CEE-4-Czech Republic, Hungary, Poland, and Romania- are projected to experience GDP declines ranging from 2.5 per_cent to 3 per_cent in 2020, it said.. "In Ukraine, we worry about the possibility of a deeper crisis.. "Russia's fiscal policy response is still modest but will need to be stepped up.. Countries in sub-Saharan Africa, reliant on commodity exports and facing high debt rollover needs, are particularly exposed to the effects of a global recession and are expected to see a significant decline in