Central and Eastern European (CEE) countries are still navigating post-pandemic economic challenges amid newer geopolitical tensions, according to the Economic Outlook December 2024 report from the Organisation for Economic Co-operation and Development (OECD). Inflationary pressures, labour shortages, and weakened demand from key European markets, most notably Germany, are affecting industrial
Austria’s economy has contracted for the sixth quarter in a row, and there has been an almost continuous decline in industrial turnover since March 2023, according to new data from Statistics Austria. Statistics Austria head of statistics Tobias Thomas painted a gloomy picture at the “Austrian Economic Barometer” presentation
A new report on the pros and cons of euro adoption from the Czech National Economic Council (NERV) warns that joining the eurozone would see Czechia lose control over interest rates and monetary policies, limiting its ability to address domestic economic issues. On the positive side, the report highlighted that
Romania’s Constitutional Court (CCR) annulled the country’s presidential election on Friday, 6 December after the emergence of evidence of Russian interference in the lead-up to the first-round vote late last month. Pro-Russian ultranationalist candidate and political newcomer Calin Georgescu unexpectedly won the first round of voting on 24
The Hungarian forint plummeted to a near-historic low against sterling on Monday morning, with a British pound buying HUF 501.5. For Hungary, heavily reliant on imports, the forint’s fall inflates the cost of goods. When coupled with high interest rates, this inflation creates a precarious economic environment. The
Romania’s ruling centre-left party came first in parliamentary elections, according to preliminary results, one week after the surprise victory of a far-right, anti-NATO presidential candidate in the first-round ballot. With 96.4% of votes counted, the ruling Social Democratic party (PSD) had 22.5% of the votes to the
Romania’s GDP per capita, measured in purchasing power parity relative to the EU average, has surged from 25% in the early 1990s to nearly 80% today, catching up with its Central and Eastern European (CEE) peers Poland, Slovakia, and Hungary, according to a new analysis. In the last three
Poland was the world’s largest gold buyer in the second and third quarters of 2024, and central banks across Central and Eastern Europe (CEE) are enlarging their gold reserves at an unprecedented pace, according to World Gold Council data. The trend has positioned CEE as a major global buyer
European Commission (EC) President Ursula von der Leyen looks set to push through her new team of commissioners and executive vice-presidents this week, following a contentious process that has exposed political divides in the European Parliament (EP). EC executive vice-presidents and commissioner-designates were selected after weeks of disputes between the
The Taiwanese government-backed drone supply chain alliance on Friday, 15 November signed a memorandum of understanding (MOU) with the Polish-Taiwanese Chamber of Industry and Commerce to advance drone development. The Asian country plans to expand its economic partnerships beyond the semiconductor industry and enhance its defence capabilities through drone development
Romania’s presidential election race delivered a shock result on Sunday, 24 November, as far-right, pro-Russia independent Calin Georgescu won the first round with 22.9% support, with 97.48% of the votes counted. The positive result for Georgescu defied exit polls – and has rocked the country – after the relative
Lithuania’s new Prime Minister Gintautas Paluckas plans to increase the country’s defence spending to 3.5% of GDP in response to security concerns, he announced as he took office on Thursday, 21 November. MPs in the Baltic country’s parliament, the Seimas, confirmed Paluckas, 45, as the country’
Teltonika has announced it is halting the construction of its EUR 3.5bn High-Tech Hill park in Vilnius over delays in securing permits. Lithuania’s leading technology group is a leading manufacturer of gadgets for the “internet of things”, with offices in 19 countries. Dream of Europe’s top high-tech
Hungary’s electricity market has become a focal point for speculative trading, driven by a combination of renewable energy imbalances and the rise of algorithmic trading, Hungarian media reported. Denmark leads charge in algorithmic trading Danish firms, leveraging advanced forecasting tools, are exploiting price fluctuations in Hungary, which lacks the
Central and Eastern Europe (CEE) is a rising force in artificial intelligence (AI) and startups in the region raised EUR 1.4bn in funding between 2023 and 2024, The Recursive writes in its second report entitled “The State of AI in CEE 2024”. Despite a less-than-perfect global funding environment, geopolitical