RaboResearch - Economic Research

Country Report

Czech Republic (Country report)

Despite strong economic growth in the Czech Republic’s main trading partner Germany, the country’s economic recovery remains sluggish amidst ongoing budgetary consolidation and relatively tempered export growth.

Country Report

Slovak Republic (Country report)

The small open economy of Slovakia rebounded comparatively well from the 2009 recession, posting 4% economic growth in 2010 on the back of strongly recovering exports. Domestic demand, however, did not yet contribute to economic growth and its contribution in the coming years will be limited by the government’s austerity measures.

Country Report

Macedonia (Country report)

Economic growth in Macedonia is recovering from the global financial crisis and is expected to increase to around 2-3% in 2011/12.

Country Report

Poland (Country update)

The general trend in Poland is continuation. Economic growth was solid at almost 4% in 2010 and is expected to stay at this level this year. The key factor will be whether investment will kick in again.

Country Report

Russia (Country update)

Russia’s economic recovery from the global financial and economic crisis has been disappointing. Real GDP growth amounted to a slightly lower than expected 4% last year. In spite of recent high oil prices, growth actually slowed in the first quarter of this year.

Country Report

Croatia (Country report)

The Croatian economy is slowly recovering from the global crisis that hit the economy in 2009. The crisis further worsened the country’s twin deficits and external debt increased to 101% of GDP (2010). Moreover, unemployment rose from 15.1% in 2007, to 17.6% in 2010.

Country Report

Serbia (Country Report)

Serbia’s economy is still weak as it posts twin deficits. The balance of payments position is weak as the continuously large current account deficits require debt financing. Even so, Serbia’s external position has improved since the nadir during the global financial crisis in 2008.

Country Report

Kazakhstan (Country Report)

Kazakhstan’s economy is recovering steadily and posted 7% growth in 2010. The main problems in the banking sector have been dealt with, but the sector remains a major weakness nonetheless.

Country Report

Azerbaijan (Country Report)

Azerbaijan has been affected much less by the global financial crisis than some other CIS countries, as it entered the crisis without a large credit bubble or high private external indebtedness.

Country Report

Country Report Romania

The fragile political stability is currently the main weakness of Romania. Although the cabinet survived three votes of no-confidence last year, dissatisfaction also within the coalition over the harsh austerity measures is rising.

Country Report

Country Report Bulgaria

Economic recovery in Bulgaria was weak in 2010 (-0.1%), largely because domestic demand and investment were suppressed by higher unemployment and still tight credit conditions. For 2011 and 2012, a slow recovery is expected to around 2.5% and 3.5%, respectively.

Country Report

Country Report Azerbaijan

After Azerbaijan managed to post strong growth in 2009, slow growth in oil and gas output will constrain GDP growth to between 3 and 4 percent in the coming years.

Country Report

Country Report Russia

Russia’s oil and gas dependent economy has started to recover slowly from the sharp downturn in 2009, with real GDP growth estimated at 4.2% and 4% in the next two years.

Economic Quarterly Report

Een Azië-crisis in Oost-Europa? (Dutch)

De financiële crisis, die zich sinds 2007 over de wereld verspreidt, gaat ook aan Oost-Europa niet ongemerkt voorbij. In veel opzichten doet de situatie in Oost- Europa denken aan het begin van de Azië-crisis in 1997. In de afgelopen tien jaar is de Oost-Europese economie sterk gegroeid, vooral door de instroom van buitenlands kapitaal en de export.

Country Report

Cyprus (Country report)

Cyprus has performed relatively well in the face of the global recession. Although it especially suffered from reduced foreign demand, growth is expected to pick up, albeit slowly.