1945

Countries in the Black Sea basin

The countries covered by the present chapter are pursuing outward-looking economic strategies. Their ratio of exports to GDP is on a par with the average for middle-income economies, or higher. In the past four years, however, their economies have been buffeted by protectionist crosswinds emanating from some of the historically most committed advocates of globalization. The global recession triggered by the Covid-19 pandemic in 2020 has injected further uncertainty into the region’s economic outlook.

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