GDP resilience in Q2 to give way to recessions

Q2 GDP figures show a mixed performance across the region, with economies most exposed to the war in Ukraine hit hardest while some of the region's largest economies continued to expand strongly. But given the mounting headwinds there are plenty of reasons to worry about the near-term economic outlook. Next week, we'll be looking for Russia's response to the G7 proposal to cap Russian oil prices and we expect Poland's central bank to end its tightening cycle with a 50bp rate hike, to 7.00%.