EME Macro/Strategy: a different world – taking stock of the consequences
As the conflict in Ukraine continues to escalate and under the assumption that no resolution is found in the near term, we highlight the following core views. First, we have revised down our 2022E real GDP growth guidance from -2ppts relative to pre-conflict to -4ppts, to adjust for the negative repercussions for investment and global trade. The visibility on 2023E is limited and depends strongly on a major leap ahead in the policy strategy in Europe. Secondly, we have shifted into a high inflation world abruptly, for both the short and long term. Monetary policy is not well-suited to responding to the duality of high inflation-high recession risk, in our view, and financial stability considerations will take priority in the near term. This could mean a mixture of policies, which end up with higher funding costs, but mitigated credit crunch risks.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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