Eastern Europe to Avoid Recession Despite Global Financial Crisis

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Eastern Europe to Avoid Recession Despite Global Financial Crisis

Saturday, Nov 29, 2008

The economies of the Eastern European states are going to avoid the recession despite the raging global financial crisis, according to an analysis of the Vienna Institute for International Economic Studies as quoted by BGNES.

The Institute study warns, however, that as a result of the crisis the region would experience lower economic growth because of the decreased foreign direct investments, and the limited access to credit.

According to the analysis, the combined GDP of the ten Eastern European EU member states (Estonia, Latvia, Lithiania, Poland, the Czech Republic, Slovakia, Slovenia, Hungary, Romania, Bulgaria) would grow by 5% in 2008, by 2,7% in 2008, and by 3,5% in 2010.

Source: Sofia News Agency

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