Our Emerging Europe Chart Pack has been updated with the latest data and our analysis of recent developments.
Russia, Turkey and Israel had a strong first half to the year, but growth across Central and Eastern Europe (CEE) remained depressed and we don’t expect a meaningful recovery until 2024. Inflation pressures are building in Russia and Turkey on the back of recent currency falls and further interest rate hikes lie in store. But last year’s inflation shock is unwinding in CEE and central banks are on the cusp of an easing cycle. We expect Poland and Czechia to follow Hungary in cutting rates in Q4, although we think policy will be eased by less than investors expect over the next two years.
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