Are Labour Shortages Driving Economic Growth?

.

Vasily Astrov

About Vasily Astrov

Vasily Astrov is senior economist at the Vienna Institute for International Economic Studies (WIIW). He's been working as an economist for the WIIW since 2003, primarily covering Russia, Ukraine and macro-economic and energy issues in CEE. He also worked as a consultant for the Austrian National Bank and was involved inter alia in projects for the European Commission. He holds an MSc. in economics from Warwick University (UK) and was also studying at the University of Münster (Germany) and St. Petersburg State University (Russia).

The global economic environment continues to be challenging. The ‘wounds’ inflicted by the global financial crisis of 2008 have not yet healed completely and world economic growth remains rather subdued. This particularly applies to the advanced countries and especially to the Euro Zone, which is the most important trading partner for the Eastern European countries. 

Economic growth in the Euro Zone is projected to stay below the two per cent mark in both 2016 and 2017. In addition, considerable uncertainty remains about economic prospects that has been prompted by the forthcoming Brexit.

Despite all of this, economic growth remains fairly strong in the majority of the Eastern European countries; economic dynamics in almost half of them have intensified over the current year, compared to 2015. In the Western Balkans, growth continues from strength to strength and, historically speaking, it is relatively high by the region’s standards. Growth in the new EU member states, from Central and Eastern Europe (EU-CEE), has declined only modestly this year, mostly on account of weak temporary investments. It remains at 1.5 percentage points higher, on average, than in the Euro Zone, implying an ongoing convergence of those countries to the EU average. The Commonwealth of Independent States (CIS) is experiencing a ‘bottoming out’ after being hit by multiple adverse shocks, over the past two years.

The main growth driver throughout the Eastern European region continues to be private consumption. This is primarily underpinned by sharply rising wages and incomes, which go hand in hand with a decrease in unemployment. A tightening of that labour markets has been confirmed by an increase in the number of job vacancies, which climbed sharply in the first half of 2016. This is partly a consequence of sizeable outward migration over the past years. It may have had a cumulative, negative effect on the labour supply in many countries, leading to the recent increase in the shortage of labour. Another reason for the strong wage growth in a number of countries has been the introduction of higher minimum wages, sometimes as part of a more relaxed general fiscal package. 

At the same time, and despite solid wage growth, inflationary pressures in most Eastern European countries — with the exceptions of the CIS countries and Turkey — are almost non-existent. A number of countries have recorded consumer price deflation for quite a number of years. One reason for the low inflationary pressure has been the marked gains in labour productivity, which has resulted in unit labour costs increasing far less than wages. 

On top of that, the growing unit labour costs have, to a large extent, been offset by a profit squeeze, which has led to a general containment of inflationary pressures. The recent rise in the share of labour is to be seen as a natural consequence of the increasingly tight labour markets and represents a marked turnaround in comparison to the first ten years of this century.

The expansion of fixed investments, which were an important pillar of GDP growth in 2015, has largely run out of steam, this year. In the EU-CEE region, the main reason for this lies in a temporary drop in EU transfers that, in previous years, used to be an important source of investments. EU funds, disbursed under the previous 2007-2013 Multi-annual Financial Framework (MFF), were absorbed, in 2015 at the latest, whereas attracting new funds under the recently adopted 2014-2020 MFF will take time. At the same time, disregarding the ‘EU transfers effect’, the underlying dynamics of investments remain strong and is moving forward, hand in hand with solid growth in wages and private consumption.

By and large, credit expansion in the Eastern European region remains rather modest: no country, with the possible exception of Slovakia, is currently experiencing a credit boom. Other factors tend to be more important determinants of the demand for loans rather than interest rates, which in many countries are rather low. 

By and large, private agents tend to finance their consumption and investments from other source, rather than by taking out loans. Going forward, this reduces the risk of the ‘boom-and-bust’ developments that have characterised the trajectories of a number of Eastern European countries in the run-up to, and during, the global financial crisis.

Last but not least, domestic demand in many economies of the region is supported by fiscal policy relaxation, particularly in Romania and Ukraine. One reason for this may be a decline in government borrowing costs, which in nearly all EU-CEE countries are now below the growth rates of their nominal GDP. 

Added to this, a general disenchantment with the practical results of ‘expansionary austerity’, pursued in the past, has played a role as well. At the same time, in most Western Balkan countries and in the CIS, the fiscal stance tends to be either neutral or restrictive – and in the case of the CIS countries it is essentially pro-cyclical.

Our forecasts for the Eastern European region are generally optimistic. In the EU-CEE region, the virtuous circle of rising consumption and incomes is set to continue, at least in the near term, accompanied by solid GDP growth to the tune of some three per cent per annum. Inflationary pressures will strengthen somewhat, but will stay reasonably low, whilst balance of payments constraints are unlikely to become binding any time soon, with the possible exception of Romania. 

Ongoing labour market improvements and rising wages will continue to be the main growth driver throughout the region; they will be complemented by a surge in fixed investments as new EU funds become available. It is somewhat ironic that economic growth in the EU-CEE countries is driven primarily by ‘labour shortages’, which appear to be the main factor behind the growth of wages and private consumption throughout the region.

In the Western Balkan countries, growth is projected to pick up further, to around three per cent, largely thanks to fixed investments gaining momentum. However, their weak external position may become a drag on longer-term growth prospects. The strengthening of their export capacities hinges on increased inflows of FDI and the prospect of their joining the EU, which have hardly improved in recent times. The economies of Russia and other CIS countries (except Belarus) are expected to bottom out, as the negative shocks of the past two years have already been largely absorbed. 

Never the less, the long-term prospects for Russia look rather bleak: reduced cooperation with the West will impose limits on its urgently needed modernisation and the diversification of its economy. In Ukraine, even short-term economic stability hinges on continued cooperation with the IMF and the ‘semi-frozen’ status of the conflict in the Donbass region. 

Finally, Turkey is heading for a ‘soft landing’, with growth projected to slow down to less than three per cent, because of increased political uncertainties, which are progressively weighing on domestic demand. In addition, the country is facing the real prospects of a fully-fledged balance-of-payments crisis.

The impact of the forthcoming Brexit on Eastern European economies should be contained by those countries’ relatively low trade exposure to the UK economy. In the EU-CEE region, only some 1.5 per cent of GDP is accounted for by final demand from the UK, and this share is even lower in other countries. A slowdown of growth in the UK by one would dampen growth in the Eastern European region by a mere 0.05 percentage points on average; however, the impact may be stronger if the free trade arrangement between the UK and the EU is revoked in the wake of Brexit.

At the same time, the EU-CEE region faces the potential prospect of much lower EU transfers once the UK – the second largest net contributor country to the EU budget after Germany – leaves the bloc. However, any ensuing losses for the EU-CEE countries are not expected before 2019, at the earliest and will depend on the extent of the reduction in UK contributions following Brexit. In the ‘worst case scenario’, they may amount up to 20 per cent annually.

Finally, Brexit should reduce migration flows from the EU-CEE region to the UK, possibly by as much as half, compared to the past two years. Even without any changes to its migration regime, the UK will become less of a magnet for migrants as its economic growth slows down. Other migrant destinations will become more attractive and the one-off effect of the expiry of transitional restrictions on access to the UK labour market for Bulgarians and Romanians in 2014 will gradually die out. In response to migration restrictions, migration from the EU-CEE to the UK might, in part, take on more of a ‘circular’ form, with migrants staying for short spells conditional on the duration of their visas.

For more info, read the complete Forecast Report on the countries of Central, East and Southeast Europe (CESEE), released by the Vienna Institute for International Economic Studies (WIIW).

_______________

The views expressed in this opinion editorial are the author’s own and do not necessarily reflect Emerging Europe’s editorial policy.

RELATED ARTICLES

Central and Eastern European Consumers Are Joining the Global Trends for Change

EY: Belarus’ IT Scene Is Thriving

High tech park minsk

A Strategic Asset for Regional Growth and Development in the EU

Pier bridge crane and cargo handling cargo trains transported away.

Belarus Serves up Some Recipes for Success

Business in Belarus Recipe Book

Breaking trade barriers with CIS has never been easier

Serbia’s New PM Is Cut From a Familiar Cloth

Serbian flag emerging europe

CEE — Do We Need a Launch Pad For Our On-Site Tech Intelligence in the Silicon Valley

Brexit: Let’s Learn the Lesson and Hope a Better Europe Will Arise

Ukraine’s Economic Recovery: Good, But Slow

ukraine money

Hungary and Israel: the Collision of Past and Present

Budapest synagoge

Belarus: Navigating the geopolitical storm

Can Armenia Keep a Foot in Both Camps?

European union armenia russia emerging europe

The Proof of a Country’s Readiness to Attract Foreign Investors Lies in the Development of the Insurance Market

Encouraging SME’s Development Will Help Build Belarusian Economy

Why the Baltic States Should Reject the Nanny State

man smoking a cigarette Cigarette smoking Cigarette with smoke

Bringing Belarus’ Cultural Past to Life for Belarusians and the World

Belarus Is One of the Top Outsourcing Destinations of 2016

The UK and Belarus: A Partnership to Introduce the Real Belarus to Europe

Belarus Introduces New Business-Friendly Auditing Procedures

MINSK, BELARUS - AUGUST 15, 2016: Aerial view of the southwestern part of the Minsk with Palace of Sport and old and new other buildings. Minsk is the capital and largest city of Belarus.

Could the West At Least Help Ukraine To Insure FDI Against Political Risks?

How Will Trump’s Visit Affect Polish Politics?

Donald trump

The Netherlands’ Objection to the Ukraine-EU Association Agreement could be Costly to Europe

Emerging Europe Live: Life in Belarus As Seen by Foreigners

Germany and Belarus: Thinking Globally Acting Locally

Belarus: The Importance Of Diversification

Emerging Europe and the EBRD host the Outlook on Belarus conference in London

EU Visa-Liberalisation Strengthens Georgia’s Pro-Western Path

georgia emerging europe eu

Breaking With Imitations of the Past

Innovation Brings Great Opportunities to the Belarusian Economy

Young Well-Paid IT Specialists Are Making Belarus Known Internationally

The Right to Water: Who Can Change Today’s Situation?

More EU Help for Belarus SMEs

GRODNO BELARUS - DECEMBER 13 2013: Seamstress in textile factory sewing with a industrial sewing machine .

Belarus and Singapore Share the Same Factors for Economic Success

The Peculiar Growth of Poland

KRAKOW POLAND - JUNE 2017: logo of Galeria Krakowska shopping center.

High-Tech Park in Minsk is growing rapidly

People Power Reminds the Government of the Rule of Law

The Great Stone Industrial Park — Making Doing Business Easy in Minsk

The Belarusian real estate market is on the up

Polish Tax Laws — Fighting a Winning Battle Against Tax Evaders

Will a Two-speed European Union Side-line the Visegrad Four?

Belarus’s Election Tests the EU’s Global Strategy

A Bosnian Referendum Shows Russia’s Influence in the Balkans—As Well As Its Limits

The Morawiecki Plan Promises a Brighter Future for Poland

While the EU Makes Plans for CEE China Makes Investments

Nuclear Security Summit In Washington, 2016

Poland’s Capital Saturation Lower Than the Czech Republic’s

deloitte fdi poland

International Women’s Day — Let’s Take Action And Then Celebrate

Partnership is the Key to CEE-Indian Business

Poland’s Unicorn, Slovakia’s Flying Car and the Future of Europe

Are There Differences Between How Tax Regulations in Poland and IAS Treat Intangible Assets?

Falling into Old Ways in 2017? Ukraine’s Struggle for Functioning Economic Institutions

Belarus US Business Relations Thrive as Conditions Improve

Belarus Has To Make an Extra Effort To Change Investors’ Perceptions

New investors interested in Belarus’ Great Stone Industrial Park

Emerging Europe Internet Speeds: Could Do Better

3d rendering internet speed meter close up

Global Expansion in the Digital Age

Europe at Odds over OPAL and Nord Stream 2

Belarus Has Set an Example for Others to Follow

CEE: Innovate or Get Eaten

innovation

Euroscepticism in Serbia: An Image Problem?

Adam Smith’s Warning for Poland

The EU’s Benign Neglect Of Eastern Europe

Using Words to Paint a Picture – Belarus’ Nobel Prize Winning Novelist

PandaDoc — Rolling Sales Procedures Together So Everyone Succeeds

Despite Public Anxieties, Migration is Playing a Key Role in ECA Growth

Bratislava city aerial panoramic view. Bratislava is the capital of Slovakia.

The Competitive Edge in Central and Eastern Europe

SOFIA BULGARIA - MAY 5: View of the Ivan Vazov National Theatre in Sofia on May 5 2016. Sofia is the largest city and capital of Bulgaria.

Poland Challenges the European Identity

Poland emerging europe

The Belarusian Financial Sector: An Industry in the Process of Restructuring

Long-time Neighbours Need to Share Awareness, Plus Trade & Investment

Rolling Sales Procedures Together so Everyone Succeeds

Coworkers

Moldova’s Briefly Suspended President is Still in Business

chisinau moldova parliament

Are Czech-EU Relations at Breaking Point?

PRAGUE, CZECH REPUBLIC - 21 JUNE 2014: People on the streets of Prague, Czech Republic. Prague is one of the most visited city in Europe with over 5 million visitors every year.

Poland’s Drift Away From Democracy

Belarus Is Where the New Silk Road Heads For Europe

Assaults on the Judiciary: How CEE Governments Are Trying to Restrict Judicial Independence, and Why It’s Not Working… For Now

poland romania justice system

After Its Significant Rise the Georgian Economy May Now Fall

Panorama of Tbilisi, Georgia in sunset rays. Vivid, saturated, splittoned image.

21st century Manufacturing Arrives at Great Stone

Great stone

Feel the Vibe of the City of Minsk

Trinity suburb in Minsk (Nemiga) Belarus on 20 May 2017

The Socialism of Central Europe’s Populists

MARSEILLE FRANCE - JUNE 21 2016: People watch football match at Tribunes of Stade Velodrome during UEFA EURO 2016 game Ukraine v Poland

A New Modern Mall Hopes to Draw Belarusians Back to the Home Market

RRY Capital

Czechs Hold Emerging Europe’s Most Powerful Passport

The EU’s Benign Neglect of Eastern Europe

Minsk International Airport Widens its International Reach

Belavia

Belarusian Economy on a Diet to Change its Financial Outlook

Falling Student Numbers and Declining R&D Result From Lack of Funds

PiS Uses Media Control to Bring Poland to Heel

Jaroslaw kaczynski pis emerging europe

Serbia, Belarus and Ukraine Ranked Lowly by Wharton Business School

Kyiv Ukraine - April 172017: The postal square in Kiev on Podol the Dnipro river. view of the square from the river panorama

Finalising the DCFTA is Expected to Bring Multiple Benefits to Ukraine

Old Fashioned Skulduggery Overshadows the Elections in Moldova

Foreign Investors: Belarus Offers Opportunities But Further Improvements Are Needed

January Kicks Off an Exciting Year for Emerging Europe

Next Christmas in Belgrade? The EU’s Move into the Western Balkans

Belgrade, Serbia, July 22, 2017.Belgrade cityscape at sunset with national assembly, aerial view

How Will Poland Approach the Brexit Negotiations?

Emerging Europe to Record Positive Growth Across the Board in 2018

coins growth

Only a United Opposition Can Defeat Poland’s Ruling Law and Justice Party

Classical building of Polish parliament. Warsaw in Poland.

Emerging Europe Makes Some Progress on Closing Gender Gap

world economic forum gender gap report

United or Divided? Europe in the Face of the Challenges of Tomorrow

Slovenia’s Presidential Election: Pahor Expected to Romp Home

Slovenia flag against blue sky waving in wind

Romania Can Still Provide Stability Within the EU

BUCHAREST, ROMANIA - 05 February 2017: More than 240,000 protesters in Victory Square (Piata Victoriei). "Torches" moment. At 09:00PM Romanian protesters shone torches on their phones.

Why is Armenia Borrowing Another 100 Million US Dollars From Russia?

The CEE Region Is Making Advances in Prioritising Waste-to-Energy Projects

Is there any prospect of ‘Polexit’?

poland european union polexit

Belarus Foreign Minister Hails Success of Visa-Free Travel Programme

Great noble deer surrounded by herd.Portrait of a deer, while looking at you.Adult deer with big beautiful horns on snowy field on forest background.

Good Match But Unlikely Marriage

Outsourcing in Germany: Stop Talking at and Start Talking to

HTP: Belarus’ Engineers Are Leading a Cool Revolution

Slowly, Tech Brand Belarus Emerges

belarus tech

After 25 Years of Restructuring, the Romanian Power Sector Is at a Crossroad

LGBT in CEE — A New Acceptance Is Being Born From Migration

Belarus Steps Up Liberalisation of Business

belarus

Ex-Transition Economies’ FDI Recovery

dollar euro fdi

History as Destiny? Institutional Erosion in Ukraine and Poland

Prepare for a New Europe

CEE-Benefits and Disadvantages of Joining the Eurozone

forint zloty euro

Not All Quiet on the Eastern Front

Ukraine’s Reputation for Cheap Labour May Not Ring True in the Long-term

E-lifestyle and Cyber Security: Some Views From Estonia

Cyber Security Protection Firewall Interface Concept

Central And Eastern Europe At the World Property Market

EU-CEE Is Still Growing at a Healthy Rate

Prague emerging europe

Invest in Belarus: looking beyond politics to the future

The Voice of European Business Must Be Heard Loud and Clear by Brexit Negotiators

Belarus-Turkey Investment Forum to increase investment and trade between the two countries

Resignation in Ukraine: War, Revolution, Crisis — Some Things Never Change

Moldova Falls Victim to Politicising

moldova emerging europe

Albania’s Election Apathy

tirana albania

Nagorno-Karabakh Conflict Moves from Frozen to Kinetic

Nagorno-Karabakh

The Shopping Experience Is Set To Go Global in Belarus from 2017 Onwards

‘No’ To a Monetary Union With Russia

The Belarusian Economy: The Challenges of Stalled Reforms

The Global Outsourcing Industry — the Rise of the Phoenix

Germany Is Not Letting Belarus’ Small Downturns Put it off Looking for Investment Opportunities

Will Poland Leave the European Union?

polexit

Belarus: On the Way to a Market Economy?

When Neutrality Isn’t an Option

President of the Russian Federation Vladimir Putin

Lukashenka seeks to avoid commitment to Russia’s geostrategic goals

Why Is Belarus Tech Booming?

Regional Relations in the Western Balkans: Moving Beyond Folklore

Bosnia and Herzegovina flag with Serbia flag, 3D rendering

Stuck in Neutral: Georgia’s Constitutional Reforms

Tbilisi Parliament Georgia

Belarus Is Making the First Steps onto the International Finance Floor

Europe Needs To Be More Proactive In Embracing Armenia

Belarus Refinery Boss Upbeat Despite Challenges

oil refinery

Poland Must Preserve Wilson Spirit

The essence of the Customs Union is protectionism

IMF Believes State-Owned Enterprises Must Be Reformed

Image of the banknotes of new Belarusian banknotes five rubles put into circulation July 1 2016

OECD: Belarus Has to Find Its Own Belarusian Model to Emerge

Defending EU Values in Poland and Hungary

Eu hungary poland

‘Traditional Values’: A Potent Weapon Against LGBT Rights

gay rights putin

Emerging Europe Live: CEE — The Outsourcing Destination

Examining How a Strong Swiss Franc Could Single-Handedly Topple Poland’s Economy

Political Tensions Rise As Croatia Allegedly Breaks the Dublin III Refugee Regulation

croatia migrants

Belarus 2020: Turning the Vicious Circle Into an Upward Spiral

Poland: Is it Ready, and is it Time to Adopt the Euro?

Belarusian Journalists Still Face Huge Problems

China and Central Europe: Don’t Believe the Hype

China

Is the CEE Region About to Steal the Outsourcing Crown From India?

Amazing view on the Taj Mahal in sunset light with reflection in water. The Taj Mahal is an ivory-white marble mausoleum on the south bank of the Yamuna river. Agra Uttar Pradesh India.

“e-Belarus”: Embracing the Internet and its Possibilities

Smart, reliable and promising

Let’s Stop Wasting Time Redefining our Place in Europe

Will European Business and Institutions Bolster the New Trends That Have Appeared in Belarus?

Foreigners choose Minsk and Gomel as Belarus’ most attractive FDI destinations

EBRD Transition Report Highlights Financial Sector Resilience

Baku

Mobilising Private Sector Investment in Belarus, Moldova & Ukraine

IFC

Belarusian Tech Companies Lead a Global Technological Advance in Outsourcing and Product Development

Brexit Is a Great Opportunity to Attract Foreign Investors to Belarus

FocusEconomics: Belarusian Economy to Grow in Q4 2016 and Onwards

The EU Is Encouraging Belarus to Join the World Trade Organisation

Is the Level of Foreign Ownership a Problem in Emerging Europe?

Flags of European countries flying from their capital cities. Viewed from the South.

Putin Urges Belarus to End Oil Transit Through Lithuania

Athens Greece - May 27 2016: Russian President Vladimir Putin delivers

A Positive and Modern View of Entrepreneurship

Visegrád Divided

visegrad

Bulgaria Needs a Reform-Oriented Government to Take Full Advantage of its EU Membership

bulgaria emerging europe

Swimpassing Dniester Without Prejudice To Democracy

Parliament of the republic of moldova in chisinau, national flag, stefan cel mare street, spring time with blue sky

The GREAT London Food Scene

Bakery in London

2018 Elections — Vital Decisions for Hungary’s Future

Victor Orban energing europe

Poland Needs to Cling to the Eurozone

zloty euro emerging europe

How strong is V4?

Viktor Orban

The Belarusian Banking Sector Moving Towards Modernisation Despite Some Challenges

Belarus: Changing Old Ideas And Mixing With the New in Belarus’ Export Market

Belarus is the most creative EEU country

Under Promise, Over Deliver: Prospects for the EU’s Eastern Partnership in 2018

Eastern partnership

Emerging Europe Back on Track to Convergence

wiiw

Belarus’ Economy Is Slowly Recovering From Past Declines

Big Fish, Small Fish, Where to Fish? On the Eve of the Fourth Industrial Revolution

Business Opportunities in Belarus Encourage Outside Interest

Czech Own Currency Insures Against Euro Losses

Euro Czech republic emerging europe

Efficient Innovation: Entrepreneurship in Bulgaria

Beautiful photos of modern buildings under blue sky. Europe, Bulgaria, Sofia.

Azerbaijan: The Rich Get Richer and the Poor Get Nothing

Baku

World Bank’s Doing Business Report 2016 Resume For Emerging Europe

Winds of Change for Belarus’ Reinsurance Industry?

Romania Surviving the Waves of Recent Political Tsunamis in Europe

Business Moving Forward with Cautious Optimism — Can Investors Win the Confidence Game?

The Capital Markets Union: a New Beginning in the European Financial Sector?

The Deep Roots of Currency Crises in the Former Soviet Union

Czech Republic Renaming Has Real Economic Costs

Why Emerging Europe is the New Darling of Outsourcing

outsourcing Developing programming and coding technologies. Website design. Cyber space concept.

Italy and Belarus: A Relationship Based on Complementarities and History

European Volatility Makes Economic Development Slower for Ukraine

Emerging Europe’s Economies Are Booming

The Long Tail of Global Expansion

Emphasising the Incongruence Between the V4 Countries

Macron emerging europe

Measuring Growth of Societies with GDP Alone Shows an Incomplete Picture

Business Mentors Helping to Solve Business Development Problems First

Portrait of confident business people interacting in the office

What Went Wrong in Ukraine – And When?

Cautious Upturn in Emerging Europe Haunted by the Spectre of Uncertainty

Donald Trump

Belarus is Bringing Opportunities for European Companies

Great Stone

Office Space Vacancy is Currently Low but Building Standards Cause Concern

Minsk Belarus - March 23 2017 modern architecture business center Pokrovsky on Pobediteley Avenue editorial

Budapest and Warsaw: Marriage of Convenience or Union of Values?

Georgia Leads Emerging Europe in Ease of Doing Business Report

The EU’s Choice: Fundamental Reform Or Disintegration

Why Hungary’s New NGO Law Is Harmful for Business

Budapest, Hungary. Aerial view of the old city Budapest, Hungary with river and Parliament Building with cloudy blue sky

Belarusian Economic Recovery May Downgrade Intended Reforms for Competitiveness

Belarus Is Ready to Begin With Venture Capital Investments

Fiscal Policy Predictability in CEE — It’s Time for Change

Will the New Five-day Visa-free Regime Encourage More Visitors to Belarus?

Veni, Vidi, Vici, Or My Personal Experience of Doing Business in Belarus

Changing Perspectives and Showing That True Romania is a Vibrant Innovative Country

China: A Giant That Is Hard to Crack

Where’s My Cheese? – The GREAT British Food Tour 2014

Cheese Shop

ICT Given Huge Boost in Belarus

MINSK, BELARUS - AUGUST 15, 2016: Aerial view of the southwestern part of the Minsk with Palace of Sport and old and new other buildings. Minsk is the capital and largest city of Belarus.

We, the Post-Communist Generation, Have the Skills to Rid of the Past And Create Our Own Future

Hungary’s Nationalist Assault on Free Enquiry

victor orban ceu

The Next Four Months Crucial For the Belarus-EU Relations

The Sharing Economy Could Bring New Business Models to CEE

Impact of Brexit on EU-CEE Not Overstated

theresa may brexit

Macedonia’s Controversial Coalition Government

SKOPJE MACEDONIA emerging europe

Why Was Zapad-2017 So Important?

russian tank belarus zapad

A New Division Between Eastern And Western Europe?

The Country Shows Promise but Needs Some Reforms

Poland’s Confusing GDP Growth

Leave a Reply

Your email address will not be published. Required fields are marked *