The Czech and Hungarian economies will keep shrinking in 2013 as the euro region, which buys most of their exports, sinks deeper into a recession, Bloomberg reported citing Capital Economics as saying.
While the Czech economy will grow 0.5% next year, it will contract for the “best part” after shrinking 0.8% in 2012, emerging-markets economists at Capital led by Neil Shearing wrote Thursday in an e-mailed note Bloomberg said.
Hungary’s economy will contract 0.5%, becoming the only Eastern European nation to stay in a recession, after shrinking 1.5% this year, Capital estimates. “The highly open economies of Central Europe are particularly exposed via trade linkages,” the economists wrote.
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