Events

ECA Talk: Weak Growth, High Inflation, and a Cost-of-Living Crisis

April 20, 2023

World Bank, I2-220

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Presentation slides: Julia Roseman Norfleet on the region's macroeconomic outlook

Presentation slides: Michael Lokshin on the region's cost-of-living crisis

OVERVIEW
SPEAKERS

According to our latest forecast for Europe and Central Asia, economic growth slowed sharply last year in the region, as Russia’s invasion of Ukraine, a surge in inflation, and the sharp tightening of monetary policy and financial conditions hit private consumption, investment, and trade. The marked increase in food and energy prices boosted inflation to a pace not seen in 20 years. This update summarizes recent developments and presents the economic outlook for the Europe and Central Asia region. It also focuses on the uneven burden of inflation, as the poorest households faced a higher inflation than the richest households.

The conversation on April 20 discussed this analysis and the report's main findings.

Ivailo Izvorski
World Bank Chief Economist for Europe and Central Asia
Ivailo Izvorski is the Chief Economist for the Europe and Central Asia region. He has worked in technical and managerial positions on the countries in Europe and Central Asia, East Asia and the Pacific, and Africa at the World Bank, the Institute of International Finance, and the IMF. Prior to his current position, Ivailo was the manager of the Global Debt, Macro and Growth unit. Ivailo holds a Ph.D. in Economics from Yale University.
Michael Lokshin
Lead Economist with the Office of the Chief Economist for Europe and Central Asia
Michael Lokshin is Lead Economist with the Office of the Chief Economist for Europe and Central Asia. Prior to that, Michael was a Lead Economist and Manager in the Development Data Group of the World Bank. He received his Ph.D. in Economics from University of North Carolina at Chapel Hill in 1999. His research focuses on the areas of poverty and inequality measurement, labor economics, and applied econometrics.
Luis-Felipe Lopez-Calva
Global Director for the World Bank Group’s Poverty and Equity Global Practice
Luis-Felipe Lopez-Calva is the Global Director for the World Bank Group’s Poverty and Equity Global Practice in the EFI Vice Presidency. Luis-Felipe has over 30 years of professional experience working with international institutions and advising national governments. He rejoined the World Bank in 2022 from the United Nations Development Programme, where he served as UN Assistant Secretary General and Regional Director for Latin America and the Caribbean since 2018.
Julia Roseman Norfleet
Consultant in the Office of the Chief Economist for Europe and Central Asia
Julia Roseman Norfleet is an extended-term consultant in the Office of the Chief Economist for Europe and Central Asia. She is a lead author of the macroeconomic outlook for the ECA Economic Update. Previously, Julia worked in the World Bank’s Prospects Group, contributing to the global and regional outlooks and modeling for the corporate flagship Global Economic Prospects report. She graduated cum laude with a bachelor’s in economics from Vanderbilt University and is pursuing a master’s in data science.
Dorothe Singer
Senior Economist in the Office of the Chief Economist for Europe and Central Asia
Dorothe Singer is a Senior Economist in the Office of the Chief Economist, Europe and Central Asia Region at the World Bank. Her research focuses on the areas of measuring financial inclusion and the linkages of financial sector and private sector development and the role of institutions. She holds a Ph.D. in Economics from Tilburg University, The Netherlands.