CONTRARY TO ALMOST all expectations, central and eastern Europe has avoided catastrophe following the financial crisis. While Greece, Ireland and some other western European periphery countries continue to totter on the brink of default, CEE has defied the doomsayers and – following tough action by regional governments and a strong performance from the German economy – has returned to growth. UniCredit expects growth of 3.6% in the CEE region for 2010 and 3.8% in 2011.
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