The European Bank for Reconstruction and Development forecasts the average gross domestic product growth rates for the eight central European transition economies at 3.2% in 2011, comfortably outperforming any other eurozone countries.
This confounds the fears of an economic meltdown in central and eastern Europe (CEE) that caused the shares of leading Austrian banks to take a pounding in 2009. But do not call it a turnaround – at least, not in the presence of Andreas Treichl, CEO of Austria’s Erste Bank, which operates subsidiaries in seven CEE countries.