The International Monetary Fund expects the UK economy to grow slower this year and has cut its forecast from 2 per cent to 1.7 per cent. For now, the forecast for 2018 remains unchanged at 1.5 per cent. In the aftermath of last June’s referendum the economy initially proved resilient but in recent months – largely driven by a tumble in the value of the pound – inflation has spiked to almost 3 per cent, squeezing real wages. Continue reading UK Economic Growth Slows as Brexit Uncertainty Bites
Uncertainty about the process and outcome of Brexit negotiations, coupled with a potentially short timeframe for change, is already impacting investment and commercial decisions. But this is not the only finding of the report ‘Brexit — the Voices of European Business,’ which was carried out by the Council of British Chambers of Commerce in Europe (COBCOE). Continue reading More Brexit Fears As the UK Proves To Be A Needed Member
“Romania is a hidden gem in Europe, a country which is a very good place for investments but which also needs to promote itself in Western Europe and beyond,” Alain Pilloux, vice president, Banking, at the European Bank for Reconstruction and Development (EBRD) said during the EBRD Emerging Europe Outlook on Romania investment forum, held in June in London. He was pointing to the fact that in the first quarter of 2017, the country’s economy grew by 5.6 per cent.
Brexit negotiations started in Brussels on June 19, almost exactly a year after the UK’s vote to leave the EU. Continue reading Impact of Brexit on EU-CEE Not Overstated
The triggering of Article 50 and the government’s indication that the UK would leave the single market, have enabled companies to start making the necessary arrangements and planning for Brexit, Anne-Marie Martin, Chief Executive of the Council of British Chambers of Commerce in Europe told Emerging Europe.
We are now potentially only weeks away from the triggering of Article 50. This all-important section of the Lisbon Treaty sets out the process by which a member country can leave the EU. No country has ever left the EU before and some experts are predicting a ten-year timeframe to negotiate a new trade deal: In this case, the UK Government has its work cut out for it if it is to complete Brexit negotiations within the two years stipulated by Article 50. Continue reading The Voice of European Business Must Be Heard Loud and Clear by Brexit Negotiators
Brexit means that Poland’s right-wing government is losing its most important EU ally and the opposition warns that the country could end up marginalised on the European periphery. However, the ruling party argues that Warsaw is a leader in debates on the EU’s future and is calling for a re-think of the trajectory of the European project. However, the future status of Poles, living in the UK, could complicate its plans to ensure an amicable Brexit settlement. Continue reading How Will Poland Approach the Brexit Negotiations?
“Brexit will have a greater impact on Europe in 2017 and the UK’s GDP may go down by 3 per cent by 2020,” says Rafal Kierzenkowski, head of the UK Desk, OECD Economics Department Membership of the European Union, in an interview with Emerging Europe.
“There is no clear plan of how Brexit is going to play out, but the best thing we can do is to make decisions that move businesses forward instead of putting them on hold. We have heard some businesses talking about leaving the London area, yet we have seen others moving in. I think it’s going to carry on that way for a little while yet,” says Kerry Hallard, president of the Global Sourcing Association, in an interview with Emerging Europe.
“We are trying to galvanise the wider business community across Europe in order to influence the change and the outcome of what will happen in terms of trade negotiations, together. We want to ensure that there is an influence from the bottom up and that businesses have a voice, however, whatever the outcomes, Brexit will be good for Europe as a whole, not just in the UK because it is in everybody’s interest that Europe remains strong,” says Anne-Marie Martin, Chief Executive at the Council of British Chambers of Commerce in Europe (COBCOE), in an interview with Emerging Europe.
It is now over two months since the EU referendum in the UK and the post-Brexit future looks more optimistic for Central and Eastern Europe. The CEE region is already preparing to accommodate foreign businesses, whichever they are, that are currently based in the UK.
During the 26th Economic Forum in Krynica, Emerging Europe organised a panel discussion about the post-Brexit future of FDI in the CEE region. We invited experts from across the region and the UK to discuss the topic: Kerry Hallard, CEO of the National Outsourcing Association, UK, Goran Mickovski, Minister for FDI, Macedonia, Natallia Nikandrava, CEO, National Agency of Investment and Privatisation, Belarus, Katharina Arnold, Senior Manager Foreign Direct Investment, Conway Advisory, Germany, Przemysław Kamil Rosiak, Partner Associate, KPMG, Poland, and Robert Juodka, Managing Partner, Attorney at Law, PRIMUS Attorneys at Law, Lithuania.
Brexit isn’t expected to have a short term impact on Central and Eastern Europe but long term consequences are already on the horizon.
At the Economic Forum in Krynica, Emerging Europe spoke to Jan Mládek, Minister of Industry and Trade, Czech Republic, and Mateusz Morawiecki, Deputy Prime Minister and Minister of Economic Development, Poland, about how they see the post-Brexit landspe develop in Central and Eastern Europe.
Today, people across the United Kingdom are casting a vote that could change their country, but which could also transform European politics. The Remain camp claims that leaving the EU will be detrimental to Britain’s economy. Their opponents say the detriment to the UK of staying in the EU far outweighs the risks of leaving. They believe the Eurozone has been a disaster and maintain that it’s very important for Britain to regain control of their own borders.
Dr Arup Banerji, Regional Director for the European Union countries for the World Bank Group, talked to Andrew Wrobel about the impact of Brexit on Central and Eastern Europe. They also discussed other challenges that the European Union is currently facing that concern the CEE region and the solutions that might help address these. Continue reading World Bank: Brexit Hides Greater Challenges to the European Union and the CEE Region