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
The European Commission (EC) analyses the accession prospects of all ten prospective members of the EU in a new set of reports on how the countries measure up to the criteria for governance, judicial independence and democratic standards required to join the bloc. The EC publishes an annual detailing of
As Donald Trump officially declared his victory in the US election, he received congratulations from numerous Central and Eastern Europe (CEE) leaders including Polish President Andrzej Duda and Hungarian Prime Minister Viktor Orban. However, CEE politicians and observers are now wondering what the leadership change in Washington will bring, as
European leaders committed to developing a defence industry base and enhancing EU competitiveness at an informal European Council summit in the Hungarian capital last week. Summit at pivotal moment for US, EU politics The two days of meetings in Budapest came the same week as Donald Trump’s victory in
The EU and the Republic of Korea formalised a comprehensive Security and Defence Partnership in Seoul, on Monday, 4 November, days after North Korea (DPRK) sent some 10,000 troops to fight alongside Russia in Ukraine. Strengthening dialogue, co-operation Acknowledging the growing threat of cyber and hybrid warfare, the EU
Poland is the dominant country in the Central and Eastern Europe (CEE) business landscape, with 184 companies listed among the region’s top 500, according to Coface’s 2024 CEE Top 500 ranking. Sector shifts, new entrants make top 500 Polish energy giant PKN Orlen topped Coface’s Top 500
Hungarian Prime Minister Viktor Orban, no stranger to political brinkmanship, went all in on Donald Trump’s election victory: a win that was by no means assured when he paid a surprise visit to the US in July. Hungary currently holds the six-month rotating EU presidency, and Orban has repeatedly,
Moldovan President Maia Sandu defeated her pro-Russian rival Alexandr Stoianoglo by around 55% to 45% in the presidential second-round vote on Sunday, 3 November. While Stoianoglo was ahead in rural areas, the south, and the breakaway republic of Transnistria, pro-EU Sandu took Chisinau and other cities and was also the
A new list spotlighting the fastest-growing startups in Central and Eastern Europe (CEE) shows Estonia as the clear leader in the region’s startup scene, with neighbours Latvia, Bulgaria, Romania, and Lithuania also making the leaderboard. The Sifted 30: Eastern Europe & Baltics leaderboard ranks private startups established within the
The EU requires an in-depth exploration of its security needs, focusing on digital resilience, cyber threats, and countering disinformation, according to a recent report by Globsec entitled “Towards a Secure Europe: Turning EU Security into Tangible Reality”. The Bratislava-based think tank adds that addressing these challenges is especially critical for
In the wake of the parliamentary elections in Georgia held on 26 October 2024, international reactions ranged from congratulations to expressions of concern over the integrity of the electoral process. Doubts over the legitimacy of last weekend’s vote have placed the country at the centre of a geopolitical tug-of-war,