This month’s data brought further evidence – if any were needed – that the euro-crisis is casting a long cloud over Emerging Europe. Business surveys have deteriorated further, suggesting that growth has slowed pretty much everywhere. Even in Russia and Poland, which have so far seemed relatively resilient to the mounting problems in the euro-zone, there are the first signs of a slowdown. What’s more, with leading indicators suggesting that the German economy is doing little more than stagnating, Q2 growth in Emerging Europe is shaping up to be much weaker than in the first quarter.
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