Central & Eastern
European Strategy
Topical issue - Major adjustments underway in CEE! 3
Forecasts CEE incl. Austria 4
Asset allocation CEE incl. Austria 6
Focus on: Growth revisions for 2009 - Global recession bites into CEE outlook 10
Austria 12
CE: Poland 14
Hungary 16
Czech Republic 18
Slovakia 20
Slovenia 21
SEE: Croatia 22
Romania 24
Bulgaria 26
Serbia 27
Bosnia and Herzegovina 28
CIS: Ukraine 29
Russia 30
Belarus 32
Turkey 33
Corporate bonds 34
Eurobonds 36
Equity markets 38
Industries 44
Equities - top picks 50
Equities - region overview 55
Sector weightings in comparison 59
Quantitative analysis 60
Technical analysis 61
Acknowledgements & abbreviations 63