The essential

Global growth resynchronised in 2017. In this particularly bullish environment, Central European countries “outperformed” with growth rates of between 4% and 6%. This year, global growth should remain at last year’s levels. However, rising political and economic tensions have generated a high level of uncertainty, which is damaging consumption and investment, and they are weighing on global trade. The most vulnerable emerging economies are always the most affected by such trends. This is not the case for Central European countries, which should fare relatively well again this year. Although we are expecting a turnaround in the growth cycle in these countries, they should continue to achieve above-potential growth between now and 2020.