Central & Eastern Europe Economic Forecast

Economic Snapshot for Central & Eastern Europe

January 11, 2023

Economic Growth

The economy should shift to a lower gear this year. Still-elevated inflation, tighter financing conditions and lower savings will weigh on domestic demand. Moreover, a less supportive global economic environment will restrain industrial production and exports. Possible energy price swings and geopolitical uncertainty stemming from the war in Ukraine cloud the outlook.

Inflation Outlook

Regional inflation rose to 17.5% in November from 17.1% in October. Croatia, the Czech Republic, Hungary, Latvia and Romania all recorded higher inflation rates, which more than offset softer price pressures in Bulgaria, Estonia, Lithuania and Poland. This year, inflation should ease, although pass-through effects and sustained wage growth will keep it high.

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