Europe and Central Asia Economic Update - Spring 2022 - War in the Region

Jul 19, 2026

War in the Region presents a Europe and Central Asia Economic Update for Spring 2022 led by the World Bank’s Office of the Chief Economist. It frames how the war affects global conditions and transmission channels to regional activity, including implications for the regional outlook, near-term spillovers, and risk assessment tied to Russia’s invasion of Ukraine. The update also outlines long-term challenges and policy responses, followed by country pages and reference materials.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages118

Reading Time4 h 57 min

Executive Summary

PART I: War in the Region

Global Context

The War’s Impact on the Global Economy

Europe and Central Asia: Implications of the War on the Regional Outlook

The War’s Immediate Effects on Regional Activity

Regional Outlook

Spillovers from the War to the Regional Economy

Risks to the Regional and Global Outlook from Russia’s Invasion of Ukraine

Long-Term Challenges and Policies

Data Annex and Forecast Conventions

References

PART II: Selected Country Pages

Albania

Armenia

Azerbaijan

Belarus

Bosnia and Herzegovina

Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized WORLD BANK ECA ECONOMIC UPDATE SPRING 2022 War in the Region Office of the Chief Economist © 2022 International Bank for Reconstruction and Development / The World Bank 1818 H Street NW, Washington, DC 20433 Telephone: 202-473-1000; [Internet: www.worldbank.org](Internet: www.worldbank.org)[ ](Internet: www.worldbank.org)Some rights reserved 1 2 3 4 25 24 23 22 This work is a product of the staff of The World Bank with external contributions. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of The World Bank, its Board of Executive Directors, or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. Nothing herein shall constitute or be considered to be a limitation upon or waiver of the privileges and immunities of The World Bank, all of which are specifically reserved. Rights and Permissions This work is available under the Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO) [http://creativecommons.org/licenses/by/3.0/igo. Under](http://creativecommons.org/licenses/by/3.0/igo. Under) the Creative Commons Attribution license, you are free to copy, distribute, transmit, and adapt this work, including for commercial purposes, under the following conditions: Attribution—Please cite the work as follows: World Bank. 2022.“War in the Region” Europe and Central Asia Economic Update (Spring), Washington, DC: World Bank. Doi: 10.1596/978-1-4648-1866-0 . License: Creative Commons Attribution CC BY 3.0 IGO Translations—If you create a translation of this work, please add the following disclaimer along with the attribution: This translation was not created by The World Bank and should not be considered an official World Bank translation. The World Bank shall not be liable for any content or error in this translation. Adaptations—If you create an adaptation of this work, please add the following disclaimer along with the attribution: This is an adaptation of an original work by The World Bank. Views and opinions expressed in the adaptation are the sole responsibility of the author or authors of the adaptation and are not endorsed by The World Bank. Third-party content—The World Bank does not necessarily own each component of the content contained within the work. The World Bank therefore does not warrant that the use of any third-partyowned individual component or part contained in the work will not infringe on the rights of those third parties. The risk of claims resulting from such infringement rests solely with you. If you wish to re-use a component of the work, it is your responsibility to determine whether permission is needed for that reuse and to obtain permission from the copyright owner. Examples of components can include, but are not limited to, tables, figures, or images. All queries on rights and licenses should be addressed to World Bank Publications, The World Bank Group, 1818 H Street NW, Washington, DC 20433, USA; e-mail: [pubrights@worldbank.org](pubrights@worldbank.org). ISBN (electronic): 978-1-4648-1866-0 DOI: 10.1596/978-1-4648-1866-0 Cover design: Lauren Kaley Johnson Contents Acknowledgments ............................................................... v Abbreviations ................................................................... vii Country Codes .................................................................. ix Regional Classification Used in this Report ............................................ x Executive Summary.............................................................

FAQs

What is the main focus of the Spring 2022 Europe and Central Asia Economic Update?

It focuses on “War in the Region,” analyzing the war’s effects on global conditions and the implications for Europe and Central Asia’s regional outlook.

How does the report connect the war to regional economic activity?

It examines the war’s immediate effects on regional activity and spillovers from the war to the regional economy, linking them to forecast and outlook risks.

What topics are covered beyond near-term impacts?

The report includes long-term challenges and policies, and it provides data annex and forecast conventions, followed by selected country pages.

Jul 19, 2026

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