Central & Eastern Europe Economic Forecast

Economic Snapshot for Central & Eastern Europe

September 27, 2022

Russia-Ukraine War Economic Impact - Analysis & Special Reports

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Economic Growth

The pace of regional GDP growth will slow this year, owing to a fading base effect and the impact of the Russia-Ukraine war on trade and supply chains. Healthy labor markets and supportive fiscal stances will sustain activity, however. Next year, the economy will cool further, as the effect of pent-up spending wanes and inflation continues to eat into real incomes.

Inflation Outlook

Regional inflation jumped to 15.8% in July from 15.4% in June . All regional economies barring Romania recorded higher inflation rates due to the ongoing effects of the Russia-Ukraine war on energy and food prices. Inflation will soar this year due to supply-chain disruptions and higher energy prices, and it will remain elevated into 2023.

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