EBRD: Coronavirus fallout to last longer than expected


The European Bank for Reconstruction and Development (EBRD) forecast a deeper economic contraction and softer recovery in 2021 for its region on Thursday, saying the fallout from the coronavirus had been longer-lasting than expected.

Economies highly dependent on external sources of income, such as Albania, Croatia, Cyprus, Greece and Montenegro, which lost most of their tourist season this year, are bound to face the most severe contractions.

Some sectors, such as tourism, may face lasting damage in the longer term, the EBRD said.