Two Developing economics of Central Asia and Europe were decelerated to 2.2% in 2019, which reflected the weakness of the two largest nations Turkey and Russia. Financial stress caused sharp slowdown in the economy of Turkey while Russia amid for its weak demand to cuts in oil production. As these two nations were focusing on it recovery with future plans Covid-19 (coronavirus) outbreak interrupted in February 2020 which incipient recovery earlier this year. Recent Development plan and growth outlook for region went under a delay due to outbreak which put all policy responses at a pause.
However Covid-19 has infected many countries instantly which contain the spill of outbreak in third quarter of 2020, resulted in crash of many markets and effected many businesses within economies scale doesn’t matter all got prey to it and if this financial market pressures continue, domestic healthcare systems are getting strained of many undeveloped nations whiles accommodation prices are still weak but decreasing of export are effecting many economies with slow-mo threat.
Due to COVID-19, many magnitudes are uncertain, the outbreak pandemic is killing the near-term daily activity required from the public whereas putting downward pressure on commodity prices is disturbing linked global and regional supply chains, also reduction in travel and tourism is decreasing demand for exports from economies in the region.