Central & Eastern Europe Economic Forecast

Economic Snapshot for Central & Eastern Europe

June 8, 2022

Russia-Ukraine War Economic Impact - Analysis & Special Reports

See our latest analysis in the Resources section

GDP to shrink in 2022

The pace of GDP growth will slow this year, restrained by a tougher base of comparison, the negative spillover effects from the war in Ukraine, and protracted global supply disruptions. That said, expansionary fiscal stances, EU fund inflows and tight labor markets should sustain activity. The prolongation of the war and high commodity prices pose downside risks.

Inflation to increase in 2022

Regional inflation rose to 12.7% in April from 10.9% in March. All regional economies experienced higher inflation rates, amid worsening supply bottlenecks and soaring food and energy prices. This year, inflation will remain elevated, stoked by supply constraints, high commodity prices and second-round effects. The potential protraction of the war in Ukraine adds upside risks.

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