Central and Eastern Europe is losing its economic momentum due to the Russian-Ukrainian war

By: Trademagazin editor Date: 2022. 07. 07. 11:14

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The war in Ukraine and global inflation are eating away at the resilience of Central and Eastern European economies, according to the summer forecast published on Wednesday by the Vienna-based economic research institute WIIW (Wiener Institut für Internationale Wirtschaftsvergleiche).

A huge test for East Central Europe is the combined effect of war and rising inflation

In the countries of Central, Eastern and South-Eastern Europe (CESEE), inflation rose to double digits almost everywhere in May, the only exception being Slovenia. The rate of price increase was the fastest in Turkey. The reason for the high inflation rates was, among other things, the loss of agricultural exports from Russia and Ukraine. According to the Vienna Institute for International Economic Studies (WIIW), the prices were driven up by the scarcity of supply on the world market. (MTI)