{
  "title": "Chart of the Week: Central and Eastern Europe Close the Gap",
  "publication": "IMF Blog, May 22, 2017",
  "sourceUrl": "https://www.imf.org/en/blogs/articles/2017/05/22/chart-of-the-week-central-and-eastern-europe-close-the-gap",
  "canonical": "https://www.imf.org/en/blogs/articles/2017/05/22/chart-of-the-week-central-and-eastern-europe-close-the-gap",
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  "summary": "Most countries of Central, Eastern, and Southeastern Europe will see their economies humming away at a strong growth rate in 2017.",
  "sections": [
    {
      "heading": "Regional growth and output gaps",
      "content": "- Most countries of Central, Eastern, and Southeastern Europe will see their economies humming away at a strong growth rate in 2017.\n- The output gap is used as the measure of success: the difference between current production and production at full capacity.\n- A recently published report on the Central, Eastern, and Southeastern European region shows how close these economies come to performing at full potential."
    },
    {
      "heading": "Aggregate composition and countries operating below capacity",
      "content": "- Turkey accounts for 21 percent of GDP in the region.\n- Turkey and Russia together account for 62 percent of GDP in the region.\n- Turkey appears to operate somewhat below capacity because of insufficient investment.\n- Russia appears to operate somewhat below capacity because of insufficient demand."
    },
    {
      "heading": "Countries at or above full capacity",
      "content": "- Most of the Baltic countries, Central Eastern Europe, and Southeastern Europe are around full capacity, or have even surpassed it.\n- Unemployment rates in these economies have declined to pre-crisis lows."
    },
    {
      "heading": "Countries well below full capacity",
      "content": "- Belarus, Bosnia and Herzegovina, and Ukraine are still far from going full throttle."
    },
    {
      "heading": "Labor market, wages, and inflation dynamics",
      "content": "- Surpassing full capacity usually brings with it rising wages as the available workforce dwindles.\n- Inflation also tends to rise because consumers’ demand for products and services increases.\n- Despite widespread closure of the output gap, growing wages, and a less idle workforce everywhere but in Turkey and the Commonwealth of Independent States, prices have not gone up significantly in the region.\n- This muted inflation is partly attributed to still low imported inflation from the euro area.\n\nChart of the Week: Central and Eastern Europe Close the Gap — The Editors, May 22, 2017\n\n---\n\n Content in this bundle\n\n- Диаграмма недели. Центральная и Восточная Европа закрывают разрыв. Блог МВФ; 22 мая 2017 года\n  - Диаграмма недели. Центральная и Восточная Европа закрывают разрыв. Блог МВФ; 22 мая 2017 года (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Диаграмма недели. Центральная и Восточная Европа закрывают разрыв. Блог МВФ; 22 мая 2017 года (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- output gap\n- report on the Central, Eastern, and Southeastern European region\n- https://www.imf.org/wp-content/uploads/2017/05/IMF.CESEE-REIchart.jpg\n\nSource: https://www.imf.org/en/blogs/articles/2017/05/22/chart-of-the-week-central-and-eastern-europe-close-the-gap"
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    "Authors: The Editors",
    "Published: May 22, 2017",
    "Most countries of Central, Eastern, and Southeastern Europe will see their economies humming away at a strong growth rate in 2017.",
    "The output gap is used as the measure of success: the difference between current production and production at full capacity.",
    "A recently published report on the Central, Eastern, and Southeastern European region shows how close these economies come to performing at full potential.",
    "Turkey accounts for 21 percent of GDP in the region.",
    "Turkey and Russia together account for 62 percent of GDP in the region.",
    "Turkey appears to operate somewhat below capacity because of insufficient investment.",
    "Russia appears to operate somewhat below capacity because of insufficient demand.",
    "Most of the Baltic countries, Central Eastern Europe, and Southeastern Europe are around full capacity, or have even surpassed it.",
    "Unemployment rates in these economies have declined to pre-crisis lows.",
    "Belarus, Bosnia and Herzegovina, and Ukraine are still far from going full throttle.",
    "Surpassing full capacity usually brings with it rising wages as the available workforce dwindles.",
    "Inflation also tends to rise because consumers’ demand for products and services increases.",
    "Despite widespread closure of the output gap, growing wages, and a less idle workforce everywhere but in Turkey and the Commonwealth of Independent States, prices have not gone up significantly in the region.",
    "This muted inflation is partly attributed to still low imported inflation from the euro area.",
    "**Диаграмма недели. Центральная и Восточная Европа закрывают разрыв. Блог МВФ; 22 мая 2017 года**",
    "[output gap](http://www.imf.org/external/pubs/ft/fandd/2013/09/basics.htm)",
    "[report on the Central, Eastern, and Southeastern European region](http://www.imf.org/en/Publications/REO/EU/Issues/2017/05/10/a-broadening-recovery)",
    "[https://www.imf.org/wp-content/uploads/2017/05/IMF.CESEE-REI_chart.jpg](https://www.imf.org/wp-content/uploads/2017/05/IMF.CESEE-REI_chart.jpg)"
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