As a result, especially small, open and strongly integrated economies – like the CESEE countries – are highly vulnerable in economic terms. Before relating these two features to the topic of this year’s conference, let me briefly review the most recent economic developments in the CESEE region.
Largest recession since the early 1990s In the second quarter of 2020, several CESEE countries reported the largest quarterly decline in economic activity since the early years of transition in the 1990s.