Acknowledgements

Figures

10 Figure 1 The growth outlook is highly uncertain, but all forecasts point to a sharper contraction than seen in the first years of the global financial crisis 13 Figure 2 The number of workers absent from work quadrupled in the space of 3 weeks 14 Figure 3 Pulse estimates of those whose work has been stopped since February in

Romania by month, by point in the monthly wage or business income distribution 15 Figure 4 Nearly half of all jobs are likely to have faced difficulty transitioning their tasks to home based work. Workers in

Southern Europe (panel a) and women (panel b) are more likely to face difficulty transitioning 16 Figure 5 Poorer households are more likely to get income from occupations that are subject to the greatest employment and income risk in Southern, Western and

Northern Europe. In Central and Eastern

Europe, a higher share of income from agriculture among the poorest 20% of households shields these households from the crisis compared to other income groups. 17 Figure 6 Immediate sharp increases in poverty are expected as a result of the

COVID-19 crisis. In comparison, the effects of the global financial crisis on poverty were less stark and occurred with some delay. 21 Figure 7 Heatmap showing structures and institutions that have been found to be linked to output, employment and household income resilience to the effects of the global financial crisis in the Fifth Regular

Economic Report