Our Emerging Europe Chart Pack has been updated with the latest data and our analysis of recent developments.
The economies of Central and Eastern Europe have lost momentum over the course of 2025 and, while the region is relatively insulated from US tariffs, the risks to our growth forecasts have generally shifted lower this month. Some central banks have become a bit more dovish and interest rates in a few places (e.g. Poland) will be cut further than we previously thought. But tight labour markets, loose fiscal policy, and continued above-target inflation still suggest to us that monetary policy across the region won’t be loosened as much as other analysts expect.
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