Page 73 - RusRPTJun24

growth rates. This situation can't be classified as a recession or a crisis, but it is far from normal conditions, with "stagnation" being the most appropriate term.
“The scale of output gaps across Eastern Europe is the stuff of nightmares. Obstruction by people like Viktor Orban exacts a huge cost by unnecessarily prolonging war in Ukraine. Poland and Czech Republic should demand reparations from Hungary. There must be costs to bad behaviour,” says Robin Brooks, former chief economist with Institute of International Finance (IIF).
From Q3 2022 to Q4 2023, over five quarters, the average quarterly GDP growth for the EU-27 was virtually zero (0.03% to be precise), with all progress occurring in Q1 2023, which saw a growth of 0.33%.
Yearly, the GDP of the EU-27 countries grew by 0.47%, with a two-year growth of 1.67%, and since Q4 2019, the accumulated growth has been 3.94%, or an average quarterly increase of 0.31%. This is below the long-term trend from 2010 to 2019, where GDP grew by an average of 0.39% per quarter, and 0.51% during 2017-2019, compared to a pre-2008 crisis growth of 0.68% per quarter from 2004 to 2007.
For the leading European countries, the situation is as follows:
73 RUSSIA Country Report June 2024 www.intellinews.com