Green shoots in Eastern Europe
As the global recession led to plummeting industrial output and export levels, Eastern European nations have been severely affected, hammered by a collapse in global trade, the withdrawal of foreign investment and high market volatility.
However, the recent return to growth of the French and German economies has triggered a wave of optimism that Eastern Europe could be next to recover. Industrial production contracted at a slower pace in Hungary, the Czech Republic and Romania in June with the Slovak and Czech economies growing in the first quarter of 2009. Considering many of the Eastern European economies are heavily reliant on exports, a recovery in Europe would help drive export levels and create job growth for the Eastern European nations.
Currency exchange rates for the Hungarian forint, Polish zloty and Czech koruna have pared significant losses sustained in late 2008, with the zloty recovering up to 25% against the euro. This morning zloty is valued at 4.19 per euro.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.