Central & Eastern Europe Economic Forecast

Economic Snapshot for Central & Eastern Europe

August 3, 2022

Russia-Ukraine War Economic Impact - Analysis & Special Reports

See our latest analysis in the Resources section

GDP to expand in 2022

Regional GDP will expand at a more moderate pace this year due to a tougher base effect and as the Russia-Ukraine war drags on trade and constrains supply. That said, rising employment, supportive fiscal measures and the disbursement of EU funds will sustain activity. The potential for further Russian energy supply cuts ahead pose downside risks.

Inflation to increase in 2022

Regional inflation jumped to 15.4% in June from 14.1% in May. All regional economies recorded higher inflation rates, as the Russia-Ukraine war disrupts supply chains and keeps food and energy prices high. This year, inflation will be markedly higher than in 2021 due to supply constraints, higher energy prices and sustained wage growth. Gas supply cuts are a risk.

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