WOOD Flash – Greece macro: stress testing the recovery in light of the epidemic
The first estimate of 4Q19 real GDP was lower than what has been suggested by recent surveys, primarily on the back of a worsening performance of exports (but after two absolutely stellar quarters). Going forward, the GDP growth prospects have worsened as the coronavirus epidemic is spreading quickly in Europe and the US, limiting the tourism revenues dramatically this year. Our current best guess is that GDP growth will slow to 1.3-2.2% this year, if the epidemic is contained by early summer; or 0.8-1.2%, if it lasts for most of the year. We see this as a transitory external shock, which does not reduce the favourable growth trend for the coming years.
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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