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Czech, Hungarian economies to shrink more in 2013, Capital says

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.