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    <subfield code="a">Osteuropa trotzt dem globalen Gegenwind</subfield>
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    <subfield code="a">Wien :</subfield>
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    <subfield code="a">wiiw Research Reports in German Language</subfield>
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    <subfield code="a">This publication is available in German language only.

For a brief English summary see further below.

Die Konjunktur in den mittel-, ost- und s&#xFC;dosteurop&#xE4;ischen L&#xE4;ndern (MOSOEL) k&#xFC;hlt sich zwar ab, aber viel weniger als noch im Fr&#xFC;hjahr erwartet: Die Prognosen f&#xFC;r heuer wurden f&#xFC;r die Mehrheit der L&#xE4;nder nach oben revidiert. Vor allem in der EU-MOE-Region hat sich das Wachstum vom Abschwung im Euro-Raum recht deutlich abgekoppelt. In einigen L&#xE4;ndern mehren sich sogar die Anzeichen einer &#xDC;berhitzung, die allerdings nur in Rum&#xE4;nien Anlass zur Sorge gibt. Die Westbalkanl&#xE4;nder profitieren von steigenden FDI-Zufl&#xFC;ssen, mehrere GUS-L&#xE4;nder von der expansiven Fiskalpolitik. In Russland dagegen hat der restriktive fiskalpolitische Kurs die Wirtschaft an den Rand einer Rezession gebracht. Die Wirtschaftskrise in der T&#xFC;rkei erwies sich zwar tiefer als fr&#xFC;her erwartet, d&#xFC;rfte aber sp&#xE4;testens 2020 &#xFC;berwunden sein.

Insbesondere die Visegr&#xE1;d-Staaten geh&#xF6;ren zu &#xD6;sterreichs wichtigsten Wirtschaftspartnern. Ihnen waren im Jahr 2018 mehr als 10% des &#xF6;sterreichischen G&#xFC;terhandels, 20% der Einkommen aus Direktinvestitionen sowie 40% der Auslandsforderungen &#xF6;sterreichischer Banken zuzurechnen. Gleichzeitig sind sie auch EU-Mitglieder mit brisanten politischen und wirtschaftlichen Herausforderungen, von welchen auch &#xD6;sterreich nicht unber&#xFC;hrt bleiben wird.

English Summary

Eastern Europe standing firm in face of global headwinds

The economy in the Central, East and Southeast European countries (CESEE) is cooling down, but much less than expected in the spring: the forecasts for this year have been revised upwards for the majority of countries. Particularly in the EU-CEE region, growth has decoupled quite clearly from the downturn in the euro area. In several countries there are even signs of overheating, although only in Romania this is a cause for concern. The Western Balkans are benefiting from rising FDI inflows, while several CIS countries from expansionary fiscal policy. In Russia, on the other hand, the restrictive fiscal policy has brought the economy to the brink of recession. Although the economic crisis in Turkey proved to be deeper than previously expected, it should be overcome by 2020 at the latest.

The Visegr&#xE1;d countries, in particular, prove very important for the Austrian economy. In 2018, they accounted for more than 10% of Austrian goods trade, 20% of income generated by Austrian investment abroad, as well as 40% of foreign claims of Austrian banks. At the same time, they are among the EU Member States facing increasing political and economic challenges, by which Austria will not be unaffected.
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