Look for:

Our offer for

Research Detail

2020/03/17 / Erste Group Research

Outlook dominated by global pandemic

The 2020 economic outlook gets a COVID-19 footprint and suffers a massive hit. We now expect that economic growth will at best stagnate in 2020, i.e. we still see substantial negative risks.

As a baseline, we anticipate tourism taking a massive pre-season hit, followed by some stabilization. The anticipated EZ recession will weigh on exports, while deteriorated sentiment and the deteriorating labor market outlook will hamper so far healthy domestic demand outlook. The 2020 GDP outlook will remain a work in progress over the coming weeks, as we get more clarity on the duration and severity of the outbreak.

PDF Download Download PDF (89kB)

General information

AuthorErste Group Research
Product nameCEE Country Macro Outlook
Topic in focusFX, Macro/ Fixed income
Economy in focusCroatia
Currency in focusCroatian Kuna
Sector in focus-


We use cookies and web analysis software to give you the best possible experience on our website. By continuing to browse this website, you consent for these tools to be used. For more details and how to opt out of these, please read our Data protection policy.


Any information, material and services regarding financial instruments and securities provided by Česká spořitelna/Erste Group/ or any of its affiliates (collectively “Erste Group“) on this and any linked website hereafter (jointly the “Websites“) shall be exclusively to investors who are not subject to any legal sale or purchase restrictions.

By agreeing to this hereto, the visitor entering this Websites confirms that has read, understood and accepted this Information and the Disclaimer