Although the medium-term growth fundamentals in Emerging Europe look good, the region has yet to reach a point where growth has become self-sustaining. In particular, economic prospects are still dependent on developments in Western Europe. So with the euro-zone expected to undergo a modest slowdown next year, growth in Emerging Europe is also likely to cool slightly. Nonetheless, the outlook remains favourable and we are still expecting solid GDP growth of around 6% in 2008.
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