There are encouraging signs that the slowdown in Emerging Europe has bottomed out in recent months and we think growth should strengthen over the second half of this year. The recovery will remain fragile though, and vulnerable to periodic flare-ups of problems in the euro-zone. But by 2015, for which our detailed forecasts are published for the first time in this Focus, we think Emerging Europe may, finally, no longer be the EM laggard.
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