There is only one country in Central Eastern Europe, the emerging part of the continent, still in recession: Romania.
Romanian GDP is expected to shrink by 1.9% for the year 2010, while the Baltics, and other CEE countries, like Hungary, the Czech Republic, and Bulgaria have all returned to growth.
This comes after months of the country’s political elites claiming that the country would escape recession in 2010, according to Ziarul Financiar.
Romania has been struggling with a deflationary environment due to a property bubble that burst there. Many residents also previously took loans in foreign currencies, like the Swiss franc and euro, and are now having even more trouble paying back those debts.
The country is now considering altering its flat tax code to deal with the difficulties of paying back its debts.
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