Convergence in Central and Eastern Europe: Lessons and Non-lessons from the Crisis

Lorenzo Bini Smaghi

Chapter 1 in From Crisis to Recovery, 2012, pp 6-12 from Palgrave Macmillan

Abstract: Abstract Central, Eastern and South-Eastern Europe has been an outlier among emerging markets during the past few years. It recorded the sharpest economic contraction during the 2008–09 financial crisis. Regional averages, even if they mask important country differences, tell a clear story: in 2009, real gross domestic product (GDP) fell by around 3.5 per cent in Central and Eastern Europe. By contrast, it fell by only 1.7 per cent in Latin America, while in emerging Asia it grew by more than seven per cent.1

Keywords: Gross Domestic Product; Monetary Policy; Euro Area; Nominal Wage; Current Account Deficit (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-03483-0_2

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DOI: 10.1057/9781137034830_2

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