Hungary Leads East EU Economic Slide Amid War in Ukraine
- Polish economy contracted at end-2022 like Hungary, Czechs
- European commission forecasts euro area avoiding recession
Shoppers inside the Great Market Hall in Budapest. Hungary has suffered surging consumer prices.
Photographer: Akos Stiller/BloombergThis article is for subscribers only.
Soaring inflation, higher interest rates and supply-chain snarls spurred by the war in Ukraine pushed most of the European Union’s biggest eastern economies into contraction in the fourth quarter.
Poland’s economy shrank 2.4% from the previous three months — much worse than the 0.5% forecast in a Bloomberg survey — for its second non-consecutive decline last year. It economy grew 2% on an annual basis.