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The EBRD lowered its forecasts for more than half its 36 countries of operation, anticipating average growth of just 2.1% this year.
This may mean that interest rates will also have to stay higher for longer and that more fiscal tightening will be needed, argued Ludovit Odor and Tomas Holub.
Country stays in sixth place in world inflation league. Critics say economy is mired in stagflation.
The October PMI survey is at odds with the most recent real-life data from Poland’s industrial sector, which expanded 9.8% y/y in September.
Putin’s war is fundamentally changing the make-up of the world – for the worse. While it is tempting to say the Cold War is back, that is inaccurate: back then two ideologies, communism and capitalism, clashed. Today even Russia is capitalist.
Stagflation is looming as wage growth across Central and Eastern Europe (CEE) falls behind inflation, which could deepen the coming recession and impoverish millions of people.
Inflation has been rising for 19 consecutive months but started speeding up in the past several months due to surging energy prices.
ENAG researchers contend rate was 186% y/y in reality.
Soaring prices have left citizens struggling to cover food and transport costs and worried about how they will afford to heat their homes during the winter ahead.
Russian President Vladimir Putin's two most powerful weapons in his conflict with the West are inflation and power prices.
Soaring inflation, a strong dollar and a complete overhaul of global energy markets are playing hell with Emerging Market debt. The world is now teetering on the edge of a global debt crisis, warns Oxford Economics.
Fears of recession begin to trump those of inflation.
Country stays in sixth place in global inflation league.
We are looking at a very uncomfortable winter. The West has underestimated the size of the challenge that is fighting an economic war with Russia and the pain that he can inflict on our economies.
The economic war that the West launched against Russia in the days following the invasion of Ukraine has already cost developing nations $379bn, analysts estimate.
The tightening cycle by central banks in Emerging Europe is coming to an end as regulators across the region start to get inflationary pressures under control, Capital Economics said in a note on August 8.
The seasonally adjusted S&P Global Russia Services PMI Business Activity Index grew at its fastest pace in more than a year to post 54.7 in July, up from 51.7 in June.
The Central Bank of Russia continued its aggressive rate cutting cycle on July 22, slashing rates by another 150bp to 8%, well below pre-war levels.
Stagflation is here. The world is facing a global recession that could go on for several years as central banks everywhere will be forced to put through growth-crushing large rate hikes to control runaway inflation. But just how bad is it now?
The impact of the sanctions on Russia have been milder than expected and the record-high current account surpluses have cushioned the blow. The Central Bank of Russia has released the results of its macroeconomic survey of expected results to 2025.