GDP in Hungary and Romania continued to expand strongly in Q2 by 1-2% q/q, but the Czech and Slovakian economies barely grew at all and there was a shocking 2.3% q/q contraction in Poland. Looking ahead, the economic outlook has deteriorated sharply. External demand is weakening and inflation continues to surge. We think that a number of economies will fall into recession later this year, or at best stagnate until early 2023.
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