The financial institution indicated that the outlook regarding economic growth in the region (which includes Romania, Bulgaria, the Czech Republic, Estonia, Lithuania, Latvia, Hungary, Poland, Slovakia, and Slovenia) is uncertain for the coming years.
“On the whole, the drop rate could slow as of the second quarter, and a return to an upward trend could occur at the end of 2009,” said the bank’s report. Estimates show that all economies in the region will shrink in 2009, especially since Latvia’s gross domestic product fell 18 percent in the first quarter.
