Southern and Eastern Europe: A long recovery

Southern and Eastern Europe: A long recovery

As with many global sub-regions, southern and eastern Europe (SEE) is slowly emerging from a period of stark economic slowdown as a result of the Covid-19 pandemic, with regional economies affected in a variety of ways. This ranged from tourism-reliant nations such as Croatia and Greece that faced an unprecedented plunge during 2020, relying on …

Greece – the long road back

Greece – the long road back

Despite a Covid-induced 8.2% contraction in GDP last year, compounding over a decade of economic decline, Greece serves as an unexpected source of optimism within the southern and eastern Europe region. Despite losing its title as the largest regional economy to Romania in recent years, it is set for a semi-swift bounce back, with the …

Cyprus – work in progress

Cyprus – work in progress

Cyprus, a divided island nation, faces an uncertain future on the geopolitical front. The northern region of the country remains occupied by neighbouring Turkey and recent efforts for reunification between the separated Greek and Turkish Cypriot communities have reached a bitter standstill. Among all the uncertainty, which has arguably become the status quo after 47 …

Bulgaria – M&A and energy boom

Bulgaria – M&A and energy boom

Bulgaria has, to say the least, performed commendably at shielding its economy from the significant disruption seen in many other European markets. GDP sank 4.2% in 2020, one of the lowest figures in the EU, and was partly supported by an extensive wage subsidy scheme that saw the government cover 60% of wages for employees …

Croatia – ups and downs

Croatia – ups and downs

Having enjoyed steady economic growth following its accession to the European Union (EU) in 2013, Croatia saw an abrupt halt to its development in 2020. With a projected 10% drop in GDP, the depth of the economic trough appears similar to that of the 2008 financial crisis, though optimism remains that this downturn will be …

Romania – bounceback

Romania – bounceback

Romania has seen buoyant growth in recent years, with its economy upgraded to ‘emerging market’ by FTSE Russell in 2019. Gabriel Zbârcea, managing partner at Ţuca Zbârcea & Asociaţii, explains: ‘Until the coronavirus outbreak, business was flourishing in Romania: 26% more deals in 2019 as compared to 2018 with a value of €5bn; also real …

Ukraine – green shoots and uncertainty

Ukraine – green shoots and uncertainty

Ukraine has broadly seen an improvement in its economic outlook since the 2019 election of comedian and actor Volodymyr Zelenskiy to the presidency. After years of turmoil, culminating in the 2014 defenestration of pro-Russian president Viktor Yanukovych and the Russian invasion of the Crimea, Ukraine has deepened its ties with the EU, adopting reforms that …

Euro Elite: Southern Europe – Sole resistance

Euro Elite: Southern Europe – Sole resistance

The Eastern Mediterranean countries featured in the Euro Elite – namely Greece, Turkey and Israel – occupy a region where, for one reason or another, international law firms largely refrain from active participation in the local legal markets; leaving a void for high-end, international expertise, willingly filled by domestic, independent firms. In Israel, international law …