Azerbaijan faced unprecedented challenges in 2020. The combined COVID-19 and oil price shocks pushed the economy into recession. A sizeable relief package helped cushion the economic impact from this shock, and the economy has started to recover. Yet the medium-term outlook remains subdued. The...

Russia entered the crisis with low potential growth but strong macroeconomic policy frameworks and significant buffers. Policy space allowed the authorities to mount a sizeable public health and countercyclical response to the crisis, which has helped limit the economic downturn. Nevertheless,...