{"id":90105,"date":"2024-01-22T09:51:32","date_gmt":"2024-01-22T08:51:32","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/90105\/"},"modified":"2024-11-07T00:37:49","modified_gmt":"2024-11-06T23:37:49","slug":"1998-99-wirtschaftlicher-rueckschlag-in-den-meisten-laendern-osteuropas","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/90105\/","title":{"rendered":"Economic Setback in Eastern Europe During 1998 and 1999"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-90105","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"Among the transition countries covered in this article, only Hungary and Poland should maintain GDP growth up to 2000. Several countries achieved growth in the first half of the decade, but it was not sustainable because of transition deficiencies (Bulgaria, the Czech Republic, Romania). And the Kosovo crisis may end growth in some others (Croatia, Macedonia, Federal Republic of Yugoslavia). Ukraine never achieved a GDP expansion since 1989. There was marginal growth in Russia during 1997 (0.8 percent), but the financial crisis in August 1998 ended hopes for a continuation. A sharp reduction of exports to Russia had a marked negative impact on East-Central Europe, especially Bulgaria and Poland, without being the initial cause for recessionary tendencies. In the Czech Republic, the GDP decline resulted from rigid fiscal policy, high interest rates, a real appreciation of the currency and new central bank regulations that put an end to loan-financed loss-making of indigenous industrial giants. In Poland, high interest rates pushed the exchange rate to levels that undermined the competitiveness of firms and increased the current account deficit. In Slovakia, the years of high growth may be over and GDP might even decline. Less deficit spending and stricter regulation of the banking business are likely to depress aggregate demand next year. Hungary and Slovenia did not show any signs of recession so far. Hungary appears to be harvesting the results of years of strong inward FDI, but the repatriation of profits is now hurting the current account. Growth in Slovenia appears stable partly because economic policy gained room for manoeuvre by not permitting short-term capital flows from abroad.","onlinedate":"1999-05-19 12:00:00","lang":"German","publication_series":"","publication_date":"19990501","publication_date_year":"","publication_date_full":false,"publication_num_pages":"","keywords":"[\"1998\/99 wirtschaftlicher R\u00fcckschlag in den meisten L\u00e4ndern Osteuropas; Economic Setback in Eastern Europe During 1998 and 1999\"]","jelcodes":"[]","related_publications":"[]","pdf":281155,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"72","monthly_report_pages":"341-352","monthly_report_pages_sort":"341","issue":"5","journal":"WIFO-Monatsberichte","publisher":"","invisible":false,"external":false,"embargo_date":"1999-05-19 12:00:00","types":[44312],"research_groups":[3500],"collaboration":"","persons":[12243],"persons_data":"[{\"personId\":12243,\"personName\":\"Josef P\u00f6schl\",\"organisationNames\":[\"The Vienna Institute for International Economic Studies\"]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_contributiontoperiodical rendering_apa rendering_contributiontoperiodical_apa\\\">P\u00f6schl, J. (1999). <span>1998\\\/99 wirtschaftlicher R\u00fcckschlag in den meisten L\u00e4ndern Osteuropas<\\\/span>. <span><em>WIFO-Monatsberichte<\\\/em><\\\/span>, <em>72<\\\/em>(5), 341-352. <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/1589\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/1589<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\">P\u00f6schl J. <span class=\\\"title\\\"><span>1998\\\/99 wirtschaftlicher R\u00fcckschlag in den meisten L\u00e4ndern Osteuropas<\\\/span><\\\/span>. <span>WIFO-Monatsberichte<\\\/span>. 1999 May;72(5):341-352.<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{dbcc733646f443eab85207618bd0af19,<\\\/div><div>  title    = \\\"1998\\\/99 wirtschaftlicher R{\\\\\\\"u}ckschlag in den meisten L{\\\\\\\"a}ndern Osteuropas\\\",<\\\/div><div>  abstract = \\\"Die Wirtschaft der weniger entwickelten Transformationsl{\\\\\\\"a}nder ist durch Transformationsdefizite weiterhin in ihrer Dynamik gel{\\\\\\\"a}hmt, w{\\\\\\\"a}hrend einige der besser entwickelten L{\\\\\\\"a}nder mit Rezessionstendenzen konfrontiert sind. Auch sie leiden zum Teil noch unter unzureichender Restrukturierung und sind deshalb f{\\\\\\\"u}r die Rezession besonders anf{\\\\\\\"a}llig. Die Wirtschaftslage der Balkanl{\\\\\\\"a}nder, die durch die Disintegration der Region bereits sehr beeintr{\\\\\\\"a}chtigt ist, wird sich durch den Kosovo-Konflikt weiter verschlechtern.\\\",<\\\/div><div>  keywords = \\\"1998\\\/99 wirtschaftlicher R{\\\\\\\"u}ckschlag in den meisten L{\\\\\\\"a}ndern Osteuropas; Economic Setback in Eastern Europe During 1998 and 1999, 1998\\\/99 wirtschaftlicher R{\\\\\\\"u}ckschlag in den meisten L{\\\\\\\"a}ndern Osteuropas; Economic Setback in Eastern Europe During 1998 and 1999\\\",<\\\/div><div>  author   = \\\"Josef P{\\\\\\\"o}schl\\\",<\\\/div><div>  note     = \\\"Osteuropa und GUS\\\",<\\\/div><div>  year     = \\\"1999\\\",<\\\/div><div>  month    = may,<\\\/div><div>  language = \\\"Deutsch\\\",<\\\/div><div>  volume   = \\\"72\\\",<\\\/div><div>  pages    = \\\"341--352\\\",<\\\/div><div>  journal  = \\\"WIFO-Monatsberichte\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_contributiontoperiodical rendering_ris rendering_contributiontoperiodical_ris\\\"><p>TY  - GEN<\\\/p><p>T1  - 1998\\\/99 wirtschaftlicher R\u00fcckschlag in den meisten L\u00e4ndern Osteuropas<\\\/p><p>AU  - P\u00f6schl, Josef<\\\/p><p>N1  - Osteuropa und GUS<\\\/p><p>PY  - 1999\\\/5<\\\/p><p>Y1  - 1999\\\/5<\\\/p><p>N2  - Die Wirtschaft der weniger entwickelten Transformationsl\u00e4nder ist durch Transformationsdefizite weiterhin in ihrer Dynamik gel\u00e4hmt, w\u00e4hrend einige der besser entwickelten L\u00e4nder mit Rezessionstendenzen konfrontiert sind. Auch sie leiden zum Teil noch unter unzureichender Restrukturierung und sind deshalb f\u00fcr die Rezession besonders anf\u00e4llig. Die Wirtschaftslage der Balkanl\u00e4nder, die durch die Disintegration der Region bereits sehr beeintr\u00e4chtigt ist, wird sich durch den Kosovo-Konflikt weiter verschlechtern.<\\\/p><p>AB  - Die Wirtschaft der weniger entwickelten Transformationsl\u00e4nder ist durch Transformationsdefizite weiterhin in ihrer Dynamik gel\u00e4hmt, w\u00e4hrend einige der besser entwickelten L\u00e4nder mit Rezessionstendenzen konfrontiert sind. Auch sie leiden zum Teil noch unter unzureichender Restrukturierung und sind deshalb f\u00fcr die Rezession besonders anf\u00e4llig. Die Wirtschaftslage der Balkanl\u00e4nder, die durch die Disintegration der Region bereits sehr beeintr\u00e4chtigt ist, wird sich durch den Kosovo-Konflikt weiter verschlechtern.<\\\/p><p>KW  - 1998\\\/99 wirtschaftlicher R\u00fcckschlag in den meisten L\u00e4ndern Osteuropas; Economic Setback in Eastern Europe During 1998 and 1999<\\\/p><p>KW  - 1998\\\/99 wirtschaftlicher R\u00fcckschlag in den meisten L\u00e4ndern Osteuropas; Economic Setback in Eastern Europe During 1998 and 1999<\\\/p><p>M3  - WIFO-Schriftenreihen<\\\/p><p>VL  - 72<\\\/p><p>SP  - 341<\\\/p><p>EP  - 352<\\\/p><p>JO  - WIFO-Monatsberichte<\\\/p><p>JF  - WIFO-Monatsberichte<\\\/p><p>ER  - <\\\/p><\\\/div>\"}","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.3 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Economic Setback in Eastern Europe During 1998 and 1999 - 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