Some 400,000 people at risk of poverty across Western Balkans due to pandemic

Some 400,000 people at risk of poverty across Western Balkans due to pandemic

Some 400,000 people at risk of poverty across Western Balkans due to pandemic Izvor: Shutterstock

The World Bank warned on Friday that the Covid-19 pandemic could have dire consequences for the economies of the Western Balkans and that unless regional economies re-launch as soon as possible, up to 400,000 people are at risk from falling into poverty.

In an analysis published on its website on Friday, the World Bank said that in their previous economic report from the autumn of 2019 they had warned that regional economies could face serious risks due to an anticipated drop in growth rates both globally and regionally, and that the outlook has now been made even worse by the pandemic.

World Bank's analysts said that many jobs are expected to be lost in the Western Balkans region, and that without an "appropriate response" by the region's governments at least 400,000 people could fall into poverty.

A large number of jobs in the region are either temporary or in the so-called informal sector of the economy. These jobs will likely be worst affected by restrictions and closures of businesses. "What is worst, many of those workers will not be able to benefit from social welfare," the analysts said.

The report added that "careful management of liquidity" is an important challenge for governments, to prevent the crisis from further escalating while providing assistance to those who need it the most.

"Wherever there is space for monetary or fiscal policy, now is the time to use it to maintain the economy's productive capacity and market functioning and for support to and salvaging of the economies and existence," analysts said.

Follow N1 via mobile apps for Android | iPhone/iPad | Windows| and social media on Twitter | Facebook.

Comments (0)

Comment sent successfully.

Comment sending failed.

Invalid CAPTCHA

* All fields are required

MOST POPULAR

NAJNOVIJE

READ MORE

NEWS

NEWS

European Commission announces measures to safeguard elections 17:47 h

17:47 h  |  NEWS

NEWS

NEWS

Bosnia's top judicial body asks its president to "consider resigning" 17:28 h

17:28 h  |  NEWS

NEWS

NEWS

Kosovo reports 22 deaths and 627 new cases of coronavirus 17:17 h

17:17 h  |  NEWS

NEWS

NEWS

Bosnia's Catholic Archbishop hospitalised after testing positive for coronavirus 16:30 h

16:30 h  |  NEWS

NEWS

NEWS

Serbian Minister: A threat to Bosnia's RS entity is a threat to Serbia 15:12 h

15:12 h  |  NEWS

NEWS

NEWS

Sharp decline in the number of tourist visits to Bosnia 14:49 h

14:49 h  |  NEWS

NEWS

NEWS

Mortal remains 'likely belonging to Serb victims' found in Bosnia's northwest 14:32 h

14:32 h  |  NEWS

NEWS

NEWS

Bosnian Serb leader insults and challenges intl administrator to dismiss him 13:37 h

13:37 h  |  NEWS

loader