Unlike some of its Eastern European neighbors, the Czech Republic has shunned joining the eurozone and has surprised many with its stable and healthy levels of economic growth. However, progress is still needed on business transparency.
When the Justice and Development Party (AKP) swept elections in November, financial markets were focused neither on prime minister Ahmet Davutoğlu, nor on president Recep Tayyip Erdoğan. All eyes were on new deputy prime minister Mehmet Şimşek, the former Finance minister, who may be the only reformer within the largely statist AKP.
Elections over, Turkey firms up plans to become a financial hub.
Central Europe and the Southeast revive, while the CIS struggles with low oil prices and sanctions.
Some green shoots lurk beneath the region’s raging civil wars, economic woes and political unrest.
Short-term risks have not dimmed the country’s economic prospects. That may explain why FDI from Asia and Gulf nations is surging.
Country Report | Turkey is roiled by political uncertainty and slowing growth ahead of November elections.
Mergers & Acquisitions | Slowing growth and severe stock market falls have raised fears that China is nearing some sort of crossroads. Some economists believe that, owing to tight central controls, Chinese corporations won’t hit their expected growth targets.
CEE Regional Report
The unorthodox policies of prime minister Viktor Orbán may be controversial, but they’ve helped kick-start the country’s economy. Most of the other CEE nations are also mounting turnarounds..
Newsmakers | Turkey
It has been said that ultimately all political careers end in failure, but until June 7, few observers were expecting this maxim to be true, quite yet, of Turkey’s president, Recep Tayyip Erdoğan.
United Kingdom | Many questions are still being asked about David Cameron’s dramatic win on May 7. How did opinion polls, which predicted a tight race between Conservatives and Labour and even a Labour win, get it so wrong?
Country Report | Turkey - Islamic Finance
Officials in Turkey have long declared their intentions to transform Istanbul into an international financial center. Islamic finance could be the key to making that goal a reality.
Milestones | United Kingdom
As Britons prepare for elections on May 7, the only certainty appears to be uncertainty, which looks set to continue until polling day—and maybe for some time after.
Country Report | Turkey
The country’s economy has stalled, just in time for a crucial parliamentary election.
Central Asia Focus
Western and Asian efforts to boost relations with the five Central Asia countries is good news for companies and banks wanting to penetrate these big, yet largely unexploited, markets.
Newsmakers | Estonia
Estonians handed victory to 35-year-old Taavi Rõivas and his center-right Reform Party in parliamentary elections on March 1.
Milestones | Greece
On March 3, the European Bank for Reconstruction and Development approved a request from Athens to invest directly in Greece.
Asia has become the world’s most dynamic region since the development bank first launched. But 1.6 billion Asians still cannot access basic services.
At first glance, Central Asia’s banking sector looks like somewhere you just wouldn’t want to go.
It's not often that the UK finds itself in Washington's bad books—this is, after all, a country that supports the US in even its most ill-advised foreign adventures and is often described as America's closest ally.
Country Report | Saudi Arabia
Saudi Arabia’s budget deficit is ballooning, but a ministerial reshuffle has fueled hopes the kingdom is resolute in kicking its hydrocarbon addiction.
Newsmakers | Croatia
Despite the ceremonial nature of the Croatian presidency, Grabar-Kitaroviċ has denounced the government for “cold-hearted” economic policies and says Croatia’s economy is a national disgrace.
Saudi Arabia | Banking Sector
Highly capitalized and boasting healthy margins, Saudi banks are unlikely to feel much fallout from the country’s slowing economy and the impact of low oil prices.
Lithuania | Milestones
On January 1, Lithuania abandoned the litas, becoming the 19th member of the eurozone and joining Baltic peers Estonia and Latvia in the economic and monetary union.
Romania | Newsmakers
Iohannis defeated prime minister and Social Democrat leader Victor Ponta, taking 54.5% of the vote against 45.5%. So who is Iohannis?
Central & Eastern Europe | Emerging Markets Regional Review
Central and Eastern Europe has come a long way in the past 25 years, but the region must overcome some significant obstacles in 2015—particularly as Russia’s conflict with Ukraine continues.
COUNTRY REPORT | CYPRUS
Amid continuing harsh austerity measures, things are—very slowly—starting to recover, alongside restructuring that will change the focus of the economy. GDP in 2014 should contract by 3.5% before flattening out next year, with 0.2% growth forecast.
Regional Focus | The Levant
Offshore energy reserves, a stable banking sector and infrastructure gaps all present opportunities for foreign investment in the Levant region.
Milestones | Commonwealth Of Independent States
In October, Belarus, Kazakhstan and Russia put the finishing legal touches to the creation of the Eurasian Economic Union, which comes into being on January 1, 2015.
COUNTRY REPORT | TURKEY: OVERVIEW
Recent presidential elections saw political continuity and investor appetite maintained in Turkey, but high levels of indebtedness and political divisions cause some concern.
COUNTRY REPORT | TURKEY: BANKING
Turkey’s president is not a fan of them, and an increasing tide of regulation and a growing debt profile make for a difficult operating environment for Turkish banks.
NEWSMAKERS | POLAND
The crop-haired, bespectacled 58-year-old is barely known outside Poland. Even within, most people know Kopacz, a former doctor and Health minister more for her loyalty to Tusk than for anything else.
REGIONAL REPORT | CENTRAL & EASTERN EUROPE
Central European countries are starting to recover, with growth accelerating in most markets. But the region’s banks still have some trials to overcome.
SECTOR REPORT: AGRIBUSINESS
As the world’s population expands and diets improve in some of the most populous countries, agri-businesses must grow at a strong clip to keep up with demand.
Financial markets may initially have reacted well to the reelection of the AKP and prime minister Recep Tayyip Erdoğan, but his success belies deep-seated political and economic problems.
Slovakia has known rapid and unexpected changes in its political fortune in its 20 years as an independent country.
Inter-Asian trade will lead the agenda items at this year’s annual Asian Development Bank meeting, to be held May 2-5, 2014, in Astana, Kazakhstan.
Getting rid of the “stan” on the end of his country’s name is just one of the many ambitions Kazakhstan’s leader has for his increasingly prosperous country.
MILESTONES By Justin Keay Not long ago, it would have been almost impossible to get the leaders of the various Western Balkan countries [Croatia, Serbia, Bosnia and Herzegovina, Montenegro, Kosovo, Macedonia and Albania] together in the same city—let alone the ...
The countries of the Caucasus region (Azerbaijan, Armenia and Georgia) continue to march down very different economic paths, despite their proximity and sociocultural connections.
MILESTONES By Justin Keay First Jordan was hit by the global economic crisis, which slowed annual growth rates from around 8% to 3% and reduced foreign direct investment to a trickle. Now Syria’s bloody civil war is threatening to overwhelm ...
Faraways / Shutterstock.com Demonstrators have been out on the streets of Istanbul and Ankara yet again, keeping Turkey's riot police busy. The cause this time was the draconian curbs the government wants to impose on the Internet. These will enable ...
Demo site: Protestors in Istanbul's Taksim Square last summer ( Photo: Fleshstorm ) Turkey, the onetime sick man of Europe, is ailing again. And the setback has come on with remarkable speed. Just a year ago, the governing Justice and ...
COUNTRY REPORT By Justin Keay As investors query what will happen in Russia’s economy over the near term, the long-term outlook is improving as the business environment is liberalized. Russia will be at the center of world ...
NEWSMAKERS By Justin Keay There were few raised eyebrows when Poland’s premier Donald Tusk replaced his longtime Finance minister Jacek Rostowski with 38-year-old Mateusz Szczurek in a major cabinet reshuffle on November 20. Disagreements between Tusk and Rostowski ...
Batista: An SOS at OSX (Photo: Juliana Coutinho) When they fall, they fall hard. The past few months have brought only bad news to embattled former billionaire Eike Batista—known simply to most Brazilians as Eike—and his once-formidable EBX Group conglomerate. ...
COUNTRY REPORT Despite the change of leadership Qatar has undergone, the new emir is expected to follow his father’s lead, building on the country’s early economic gains by diversifying beyond oil and gas.
On October 29, a little piece of history was made when the UK finally announced it would become the first Western country to issue a sovereign sukuk, or Islamic bond.
While Central Europe appears to be recovering from the effects of the global economic downturn, Southeastern Europe is in for a rougher ride.
MILESTONES By Justin Keay It’s only four years since the global economic slowdown plunged Dubai into a major debt crisis and near-default, but the country is acting as if none of this happened. To say the old confidence is back ...