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As the crisis gathers momentum and countries such as the UK, US and Germany announce stimulus packages amounting to 10% to 15% of GDP, the possibility has to be faced that central and southeastern Europe (CESEE) will need support of the same order. But who will pay for it?
In theory, the region is in good economic shape. GDP growth has averaged around 3.5% over the past three years. As a result, budget deficits have been mostly moderate and government debt-to-GDP ratios have been steadily declining – to below 50% in several cases.
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