British voters took a major leap into the unknown by voting to leave the European Union by the narrowest of margins. What does it mean for the economy of Britain, of Europe, of the world?
Every emerging economy has a tipping point beyond which investor sentiment turns negative, despite fundamentals.
Casting off a checkered past, the region’s diverse economies are resurgent, with a focus on investment and reforms—and sustaining their crucial small and midsize enterprises.
In April the European Bank for Reconstruction and Development (EBRD) commemorated a quarter-century of history, with president Suma Chakrabarti emphasizing how far the Bank had come since its first investment—to WBK Bank in Poland (now Bank Zachodni WBK).
Strong growth and other upbeat data in 2015 bucked the West’s collective vision of a nation in crisis. But without structural reforms, the picture may darken.
Not long ago, Romania was synonymous with sluggish growth, underperformance and corruption. Analysts acknowledged its huge potential but said it wasn’t being realized.
Few places on Turkey’s coasts have managed development quite as well as the former ancient Greek port city of Halicarnassus, today Bodrum.
During complex times for Turkey, banks, at least, can rest assured that their system is running smoothly, is well capitalized and well regulated.
Asian Development Bank Section: ADB Annual Meeting
Europe has much to gain from the fast-growing region, where per capita GDP is exploding—and vice versa.
Asian Development Bank Section: ADB Annual Meeting
Last year’s historic Asian Development Bank (ADB) annual meeting in Baku, Azerbaijan saw the bank and member countries commit to a wide range of goals and reforms.
Newsmakers | Slovakia
Since he first became prime minister 10 years ago, Robert Fico has been the great survivor of Slovakia’s febrile and unpredictable political scene.
Azerbaijan, Georgia and Armenia are not masters of their own economic destinies, with events in Russia and the rest of the region casting a shadow over these countries’ efforts to boost economic and investor confidence.
In November the European Investment Bank published its latest Bank Lending Survey for Central Europe and Southeastern Europe.
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.