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Crisis Sweeps Through Central and Eastern Europe

CNBC.com

Central and Eastern Europe in Crisis

The European Union's former communist members spooked the West earlier this year, when some investors and analysts believed their crumbling economies could send shockwaves through the system and even sink the EU.The International Monetary Fund and the EU have pumped billions of euros in Central and Eastern European countries to alleviate the pain of the crisis, but their economies are still suffering. Click ahead to see what they expect for this year.
Sources for figures: EBRD, World Bank

The European Union's former communist members spooked the West earlier this year, when some investors and analysts believed their crumbling economies could send shockwaves through the system and even sink the EU.

The International Monetary Fund and the EU have pumped billions of euros in Central and Eastern European countries to alleviate the pain of the crisis, but their economies are still suffering. Click ahead to see what they expect for this year.

Posted 2 Nov 2009

Bulgaria:

7.6 million $5,176The country's economy is projected to reverse a robust growth of 6 percent in 2008 and shrink by the same figure in 2009. Its stubborn current account deficit is forecast to narrow just a little, to 8.5 percent this year from last year's 9.4 percent.
Photo: AP

Population: 7.6 million
GDP per capita: $5,176

The country's economy is projected to reverse a robust growth of 6 percent in 2008 and shrink by the same figure in 2009. Its stubborn current account deficit is forecast to narrow just a little, to 8.5 percent this year from last year's 9.4 percent.

Czech Republic

10.5 million $16,815The economy is estimated to shrink by 4.3 percent this year, after growing by 2.7 percent in 2008. Its current account deficit is likely to narrow slightly, to around 2 percent of GDP this year from last year's 3 percent.
Photo: AP

Population: 10.5 million
GDP per capita: $16,815

The economy is estimated to shrink by 4.3 percent this year, after growing by 2.7 percent in 2008. Its current account deficit is likely to narrow slightly, to around 2 percent of GDP this year from last year's 3 percent.

Estonia

1.3 million $15,567Gross domestic product contracted by 3.6 percent last year, a modest figure compared with this year's projected fall of 13.2 percent. The current account is estimated to adjust abruptly from a deficit of 9.5 percent last year to a surplus of 2.7 percent.
Photo: Steve Jurvestson

Population: 1.3 million
GDP per capita: $15,567

Gross domestic product contracted by 3.6 percent last year, a modest figure compared with this year's projected fall of 13.2 percent. The current account is estimated to adjust abruptly from a deficit of 9.5 percent last year to a surplus of 2.7 percent.

Hungary

10 million $13,766The country's economy advanced by a meagre 0.6 percent last year and is forecast to shrink by 6.5 percent this year. The current account deficit is projected to more than halve to 3 percent from last year's 8.4 percent.
Photo: AP

Population: 10 million
GDP per capita: $13,766

The country's economy advanced by a meagre 0.6 percent last year and is forecast to shrink by 6.5 percent this year. The current account deficit is projected to more than halve to 3 percent from last year's 8.4 percent.

Latvia

$11,906 12.6% of GDPThe fall in gross domestic product accelerated, with the economy contracting 4.6 percent in 2008 and projected to fall 16 percent in 2009. The external balance will adjust from a deficit of over 13 percent to a surplus of more than 5 percent.
Photo: Colin Cameron

GDP per capita: $11,906
Current Account Deficit: 12.6% of GDP

The fall in gross domestic product accelerated, with the economy contracting 4.6 percent in 2008 and projected to fall 16 percent in 2009. The external balance will adjust from a deficit of over 13 percent to a surplus of more than 5 percent.

Lithuania

3.4 million $11,352From a modest, but healthy growth of 2.8 percent last year, the economy is projected to plunge by 18 percent this year, the worst decline of the Baltic states. The current account balance is forecast to boast a surplus of 1.2 percent from last year's 12.3 percent gap.
Photo: AP

Population: 3.4 million
GDP per capita: $11,352

From a modest, but healthy growth of 2.8 percent last year, the economy is projected to plunge by 18 percent this year, the worst decline of the Baltic states. The current account balance is forecast to boast a surplus of 1.2 percent from last year's 12.3 percent gap.

Poland

38.1 million $11,037The only one where growth is still forecast for this year, a modest 1.3 advance in GDP compared with an increase of 4.9 percent last year. The current account deficit likely to more than halve to 1.8 percent of GDP.
Photo: AP

Population: 38.1 million
GDP per capita: $11,037

The only one where growth is still forecast for this year, a modest 1.3 advance in GDP compared with an increase of 4.9 percent last year. The current account deficit likely to more than halve to 1.8 percent of GDP.

Romania

21.5 million $7,636The economy is expected to reverse last year's growth of over 7 percent and shrink by 8 percent. The current account deficit is forecast to halve to 6 percent of gross domestic product.
Photo: AP

Population: 21.5 million
GDP per capita: $7,636

The economy is expected to reverse last year's growth of over 7 percent and shrink by 8 percent. The current account deficit is forecast to halve to 6 percent of gross domestic product.