Central & Eastern Europe

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.

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.

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.

In November the European Investment Bank published its latest Bank Lending Survey for Central Europe and Southeastern Europe.

The International Monetary Fund decided last month to alter its long-standing policy of not lending to countries with arrears to official creditors—national governments or agencies they sponsor—thereby enabling it to continue lending to Ukraine should it fail to repay on time a $3 billion bond due to Russia.

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. 

Bulgaria’s multilingual workforce attracts foreign investors, but corruption is a problem.

Turkey
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.

Poland
The appointment of Beata Szydło as Poland’s new prime minister, following the victory of her conservative Law and Justice party (PiS) in the latest parliamentary election, has stirred concerns about her relative inexperience and a potentially populist, rightward lurch for the nation.

Elections over, Turkey firms up plans to become a financial hub.

Q+A with Juraj Bojkovský, Director Of Electronic Distribution Channels At Tatra banka

Central Europe and the Southeast revive, while the CIS struggles with low oil prices and sanctions.

Montenegro tries to keep the foreign direct investment environment as simple as possible. 

Italy: Sergio Marchionne, the 63-year-old CEO of Fiat Chrysler Automobiles (FCA), is celebrated as the mastermind of one of the few successful mergers in the industry’s history, the marriage of Fiat and Chrysler.

UniCredit is developing an offering for Asian corporates looking to enter Central & Eastern European markets, and for European companies looking to expand in Asia.

Developing countries have long sought a greater voice in running the IMF and World Bank. The rise of rival development banks gives them more options—and more leverage.

A selection of winners from Global Finance’s awards program over the past year.