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UniCredit: Baltic economies are cooling quickly
Juhan Tere, BC, Tallinn, 25.07.2008.
Print version
Print versionBanking group UniCredit announced that it considers Central and Eastern European countries to be vulnerable, writes aripaev.ee.
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The group stated that the main challenge for the Baltic States will be the inflation rate and noted that Baltic economies are cooling quickly.
Economic outlook for the Baltic States has clearly deteriorated since the beginning of the year 2008. This is caused by the growing macroeconomic lack of balance, less open credit market and overheated real estate market.
The deceleration of economic growth seems to take place faster than expected particularly in Estonia and in Latvia. UniCredit predicts that GDP growth in 2008 will be 0.1% in Estonia and 2% in Latvia. As Lithuanian economy seems to be more resilient at the moment, the projected economic growth is 4.7%.
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