The Economic Landscape Of East Central Europe – Five Years After The Financial Crisis
The Economic Landscape Of East Central Europe – Five Years After The Financial Crisis

Summary/Abstract: Five years on the advanced West continues to struggle after the surprisingly deep contraction of 2008/2009 while the global economy keeps growing, albeit at a slower pace. The performance gap has thus remained wide between the West and the rest: the world economy has expanded around three per cent annually in recent years, the Euroland grew by two per cent in 2010 then contracted slightly both in 2011 and 2012, and 2013 looks fragile too. The US economy has grown by around two per cent annually in the recent couple of years. Japan experienced a mild recession in 2011 and is now on a two per cent growth path. All three big advanced economies have remained underachievers. Closer to home: Germany has hardly managed to grow (0.7 per cent in 2011 and a microscopic 0.1 per cent in 2012); this year is not much better, with a modest 1.5 per cent output increase forecast for 2014 by Deutsche Bank in its July 2013 Focus.

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