Description

Eastern European Outlook: Resilience is eroding - lengthy recession in Estonia and Latvia

The resilience of Central and Eastern European in the face of global economic slowdown is on its way towards eroding. Until now, many countries have maintained their growth thanks to vibrant domestic economies. Today, however, pressure on the region's economies has greatly increased as the euro zone has stagnated and the repercussions of the international financial and credit market crisis intensify. SEB's October 2008 issue of Eastern European Outlook adjusts earlier overall growth forecasts downward.