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  • 1
    ISSN: 1432-119X
    Source: Springer Online Journal Archives 1860-2000
    Topics: Biology , Medicine
    Notes: Summary The thiocholine method for the histochemical detection of cholinesterases according to Karnovsky-Roots was adapted for unfixed cryostat sections by addition of the agar solution to the incubation mixture and by using the semipermeable membrane interposed between the section and the incubation medium. The procedure prevents the leakage of the enzyme activity of the section and is suitable for tissues where the cholinesterase activity is low.
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  • 2
    ISSN: 1432-119X
    Source: Springer Online Journal Archives 1860-2000
    Topics: Biology , Medicine
    Notes: Summary The presence of 1% agar in the fixation and substrate solutions for the histochemical demonstration of thiamine pyrophosphatase (4.4 mM TPP; 3.6 mM Pb2+; 0.025 Tris-maleate buffer, pH 7.2) clearly facilitates the localization of the enzyme in Golgi apparatus in cold microtome sections prepared from unfixed specimens.
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  • 3
    ISSN: 1432-119X
    Source: Springer Online Journal Archives 1860-2000
    Topics: Biology , Medicine
    Notes: Abstract The expression of vimentin and the phosphorylated variant of high molecular weight neurofilament protein (NF-H) was studied in developing human fetal dorsal root ganglia and spinal cord. The technique used for examination of cryosections was double-label fluorescence with monoclonal antibodies. Both proteins were present in the nerve fibres inside the ganglia of 6- and 8-week-old embryos. During further development the expression of vimentin continued to increase in the satellite cells, but was found to be decreasing in the ganglion cells. Phosphorylated NF-H was found in the processes of ganglion cells, as well as in the perikarya at all developmental stages. In the spinal cord of 6- and 8-week-old embryos, phosphorylated NF-H protein was found in the longitudinal fibres of the marginal layer and in processes of the mantle zone; some of the fibres also contained vimentin. Later the co-expression of the two proteins ceased and vimentin was found only in glial and mesenchymal derivatives. Phosphorylated NF-H was located, at all developmental stages, in the axons of both white and grey matter, but not in the neuronal perikarya. The results indicate that phosphorylation of the NF-H in human dorsal root ganglia starts in the perikarya of the ganglion cells while in the ganglion cells of the spinal cord it takes place in the axons.
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  • 4
    ISSN: 1432-119X
    Source: Springer Online Journal Archives 1860-2000
    Topics: Biology , Medicine
    Notes: Abstract  The class III β-tubulin isotype is widely used as a neuronal marker in normal and neoplastic tissues. This isotype was, however, also immunodetected in certain tumours of non-neuronal origin such as squamous cell carcinoma. Using a newly described monoclonal antibody we compared the distribution of class III β-tubulin in normal and neoplastic tissues. The TU-20 mouse monoclonal antibody was prepared against a conserved synthetic peptide from the C-terminus of the human class III β-tubulin isotype, and its specificity was confirmed by immunoblotting, by competitive enzyme-linked immunosorbent assay and by immunofluorescence microscopy on cultured cells. In different cell lines of various origins the antibody reacted only with neuroblastoma Neuro-2a cells and with embryonal carcinoma P19 cells stimulated to neuronal differentiation by retinoic acid. Immunohistochemistry on formaldehyde-fixed paraffin-embedded normal human tissues revealed the presence of the class III β-tubulin isotype in cell bodies and processes of neuronal cells in the peripheral and central nervous systems. In other tissues, this β-tubulin isotype was not immunodetected. Class III β-tubulin was found in all cases of ganglioneuroblastoma, ganglioneuroma, medulloblastoma, neuroblastoma, sympathoblastoma and in one case of teratoma. In contrast, no reactivity was detected in tumours of non-neuronal origin, including 32 cases of squamous cell carcinoma. The results indicate a specific TU-20 epitope expression exclusively in neuronal tissues. The antibody could thus be a useful tool for the probing of class III β-tubulin functions in neurons as well as for immunohistochemical characterisation of tumours of neuronal origin.
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  • 5
    Electronic Resource
    Electronic Resource
    Springer
    MOCT-MOST 8 (1998), S. 143-166 
    ISSN: 1573-7063
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
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  • 6
    Publication Date: 2019-09-21
    Description: The external conditions facing the transition economies slightly improved on balance during the year 2004. The eight new EU member states of Central and Eastern Europe (NMS-8) recorded higher GDP growth (5% on average) than in the previous year, largely thanks to expanding domestic demand - in particular of investment (Czech Republic, Hungary and Latvia) and of private consumption (Poland, Slovakia, Estonia and Lithuania). Growth accelerated also in Southeast Europe (except Croatia and Macedonia), as well as in Belarus and Ukraine (Russia's GDP grew by 7% again). The transition economies have thus been one of the most dynamic regions in the world. The NMS have been growing more than 2 percentage points faster than the 'old' EU-15. These countries not only add a certain dynamism to the European economy but put some pressure on the EU reform agenda as well. On the downside, the situation on the labour market remains precarious, robust economic growth notwithstanding. The average rate of unemployment in the NMS is nearly twice as high as in the EU-15 (mainly on account of Poland and Slovakia); in most of Southeast Europe it is even higher, with little prospect for marked improvements any time soon. The latter refers to industry in particular, which - despite a remarkable acceleration of output growth (10% on NMS average in 2004) - continues to shed labour. This implies impressive gains in labour productivity and, given the general wage restraint, in unit labour costs as well. The improving international costs competitiveness of NMS has recently been eroded by appreciating domestic currencies (Hungary, Poland and Slovakia). After a temporary increase in 2004 (largely caused by tax adjustments prior to EU accession and rising energy prices), inflation resumed its downward trend, reaching low single digits in most NMS (except Slovakia) and in the remaining transition countries as well (except Romania, Serbia and Ukraine). Russian inflation has been stubbornly high, fuelled by large inflows of foreign currency, tariff hikes and galloping producer prices. The remaining inflation differential with respect to the eurozone, magnified by a natural appreciation tendency of NMS currencies (frequently stimulated by short-term capital inflows) may lead to competitiveness losses in the future. Given the ongoing productivity and quality improvements this danger is not imminent in most NMS yet. Still the exchange rate developments should be watched closely, not least in the period prior to EMU accession, which in several NMS will probably extend beyond 2010. The need to reduce excessive budget deficits represents another challenge facing several NMS in the coming years. The outstanding feature of last year's economic developments was a boost in foreign trade (or of intra-EU dispatches and arrivals in the case of NMS). NMS exports jumped by more than 20% in current euro terms, somewhat faster than imports (+18%), yet their aggregate trade balance slightly deteriorated (in fact foreign trade contributed positively to GDP growth in Poland only). Nonetheless, the export sector of NMS is strengthening - not least thanks to sustained reforms and large FDI inflows in the past few years - and their integration in the European and world economy is increasing. Today, 86% of NMS exports and 72% of imports represent intra-EU trade. Given the high (and rising) export surpluses of Russia and Ukraine - in both cases swelled by rising world market commodity prices - the trade contribution to growth has been positive in these countries as well. After the takeover of EU external trade policies upon accession, especially intra-NMS trade (preliminary estimates suggest an increase by 30% in 2004) and extra-EU trade are booming. Altogether, the NMS enjoy a surplus in trade transactions with the EU, an achievement attributable largely to the high and growing surpluses of the Czech Republic, Hungary and Slovakia (and to a lower deficit in Poland); the separate effect of trade with the EU on GDP growth was most likely positive. In Southeast Europe, trade integration is (with few exceptions such as Bulgaria) still rather low and many countries in the region suffer from huge trade and current account deficits which may not be sustainable (particularly in Bosnia and Herzegovina, and Serbia). The EU accession of eight Central and East European countries on 1 May 2004 has brought few surprises and may generally be considered a success. The accession was well prepared and managed. The direct economic effects of accession on the NMS are difficult to identify economic growth, especially of industry, had speeded up already before May 2004, a temporary increase of inflation was soon successfully contained and domestic currencies strengthened. Net transfers from the EU budget were negligible (less than 1% of NMS GDP), yet inflows of FDI picked up in 2004 again - albeit remaining below the peak of 2000-2002. The GDP growth outlook is fairly robust barring major external shocks, the NMS are expected to grow by 4-5% annually in the coming years (the Baltic States will continue to enjoy even somewhat higher growth) thus maintaining their speed of nominal and real convergence to the 'old' EU. Inflation is converging to eurozone levels as well. The shadow side of this fairly upbeat forecast is the labour market where no substantial reduction of unemployment is expected. Estonia, Lithuania and Slovenia (all already participating in the ERM II) may adopt the euro in late 2006 or early 2007, with the remaining 'high-deficit' NMS following suit during 2008-2010. Also the economic outlook for Southeast Europe is more encouraging now than in the recent past GDP growth will accelerate in most countries (without recurring inflation), but unemployment will remain high. As far as the integration prospects of this region are concerned, Bulgaria and Romania will become EU members in 2007, followed by Croatia in 2008 and with Macedonia the next candidate. The coming two years will be crucial also for the remaining countries of the Western Balkans as a number of exceptionally difficult issues will have to be solved (in Bosnia and Herzegovina, Serbia, Montenegro and Kosovo). If everything goes well (and there are a lot of caveats) the whole region could be in the EU around 2015. However, by that time the issue of Turkey's EU membership will have to be finally decided and a possible application of Ukraine (as well as Moldova) for EU membership will have to be dealt with. In addition, the enlarged EU will simultaneously have to clarify its relations with Russia. These challenging developments will doubtlessly require a new (and this time much more radical) reform of the whole system of EU institutions.
    Keywords: O52 ; O57 ; P24 ; P27 ; P33 ; P52 ; ddc:330 ; Central and East European new EU member states ; Southeast Europe ; Balkans ; former Soviet Union ; China ; Turkey ; GDP ; industry ; productivity ; foreign trade ; exchange rates ; inflation ; fiscal deficits ; trade ; ERM II
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 7
    Publication Date: 2019-09-21
    Description: Under favourable external conditions, the economies of the New EU Member States (NMS) fared even better in the first quarter of 2006 than in 2005. Investment accelerated sharply and industry is proving buoyant. Labour productivity has registered strong gains, unit labour costs declined. This is one of the reasons for the highly successful expansion of foreign trade, the second being the ongoing upgrading of exports and production. Foreign trade contributed positively to overall growth in Central European NMS already in 2005. In 2006, the growth contributions of both consumption and investment are also rising, thus making room for a more balanced overall GDP growth. Industrial production will continue to expand rapidly in 2007, also on account of robust domestic consumption and investment growth. With the exception of Hungary, fiscal policy will not interfere substantially with real growth. Trade expansion is likely to be supported by the continuing gains in unit labour costs. Weaker growth in the EU-15 will not restrict NMS exports too much also in view of ongoing structural changes and quality improvements in both NMS production and exports. The generally positive outlook for the next two years assumes an absence of major turbulence on the exchange rate markets. This assumption is not risk-free - especially where Hungary is concerned. It is to be hoped that the recently announced fiscal consolidation programme proves credible and pre-empts excessive adjustments. The labour market situation is improving across most NMS and accession countries as accelerated GDP growth has at last started to generate more substantial job creation. Migration to the UK and Ireland after accession was also significant, both in magnitude and in its effects on the sending countries, in the cases of Poland, Slovakia, Lithuania and Latvia. The effects on the UK and Ireland of migration from these countries have so far been modest but broadly positive. We expect similar outcomes for the next enlargement that will bring in Romania and Bulgaria. Growth, driven primarily by domestic demand, is expected to continue to be strong throughout Southeast Europe. The external balances should deteriorate due to strong demand for imports, which is sustained by exchange rates that are appreciating in real terms. Macroeconomic stability will be maintained, though inflation is picking up; and is a serious problem in Serbia and Romania. Inflation is a major concern in Turkey, as is macroeconomic stability more fundamentally. At the end of 2006 it should be decided whether Bulgaria and Romania will join the EU on 1 January 2007, as is widely expected; whether the EU will start negotiations with Macedonia, which at the moment seems unlikely; whether the other Western Balkan countries will sign Stabilization and Association Agreements with the EU; and what is the EU¿s strategy for further enlargement. The momentum has been lost when it comes to the Balkans, but the accession of Bulgaria and Romania and later on of Croatia may still make it possible for the rest of the Balkans to join the EU by 2015. Russian GDP growth is slowing down as the real sector weakens. Domestic demand is strong, yet the contribution of net exports to GDP growth is negative. Nominal exports are booming thanks to the high prices of energy and metals. Paris Club debt repayments are ahead of schedule. GDP growth will be about 6% in both 2006 and 2007; disinflation will be only gradual. The restructuring and institutional reforms are running late. WTO accession may be postponed yet again; it is unclear what course future EU Russia relations will take. In Ukraine the slowdown in economic growth has been reversed in 2006; domestic demand has picked up. But exports are performing badly, and the current account is expected to switch to a deficit. The hike in gas prices in early 2006 did not have any sizeable impact on the economy, not least because it has yet to be fully passed on to the final consumers. However, given the planned tariff hikes, inflation is expected to remain in double digits. The new government is likely to be less inclined to implement liberal reforms and its stability is questionable. The Chinese economy has kept fast growth in the first quarter of 2006. The expansion was mainly driven by a surge of investment and supported by a record foreign trade surplus. Private consumption developed at a stable pace, inflation remained low. Government measures to dampen growth and to prevent an overheating of the economy may become more effective in the near future. Nevertheless, we expect GDP growth close to 10% in both 2006 and 2007.
    Keywords: O52 ; O57 ; P24 ; P27 ; P33 ; P52 ; ddc:330 ; Central and East European new EU member states ; Southeast Europe ; Balkans ; former Soviet Union ; China ; Turkey ; GDP ; industry ; productivity ; labour market ; foreign trade ; exchange rates ; inflation ; fiscal deficits ; EU integration ; structural and technological change ; fiscal and monetary policy
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 8
    Publication Date: 2019-09-21
    Description: The 1st of May 2007 marked the third anniversary of the accession of the new member states (NMS) to the European Union the economic balance of the first three years is a clear success for the whole EU. Over the period 2001-2003 GDP in the NMS had increased by 3.1% per year on average; over the period 2004-2006, however, it expanded by 5.3% per year – an increase of the annual growth rate by 2.2 percentage points. In part, this growth acceleration is attributable to the more favourable international environment and the distinctly better growth performance in the 'old' EU; nevertheless the NMS substantially increased their lead in terms of growth over the EU-15 up from 1.7 p.p. in 2001-2003 to 3.1 p.p. in 2004-2006. The catching-up process to the level of development of the 'old' EU has thus accelerated. The aggregate figures for the group show that in 2001-2003 the NMS reduced the gap in per capita GDP in relation to the EU average by 2.7 p.p., and the pace of catching up was nearly a third faster, 3.8 p.p., in the post-accession period. In the field of investments the difference between the pre- and post-accession period was even more spectacular while in 2001-2003 both the EU-15 and the NMS recorded an only marginal expansion, in 2004 2006 investment growth in the NMS was 4.7 p.p. higher than in the 'old' EU member states. The NMS also became more attractive targets for FDI. And their export growth rates nearly doubled after EU accession import growth lagged behind export growth, yielding better trade balances. The stronger economic growth reduced unemployment the aggregate unemployment rate in the NMS declined by 1.7 p.p. in the post-accession period. However, three macroeconomic stability indicators – inflation, current account status and fiscal balance – reveal a more differentiated and less favourable picture than those measuring changes in the real economy. Given the expected continuation of the favourable international environment, the period of high growth in the NMS will continue in 2007 and 2008, except for Hungary. Nevertheless, in all but two countries (the Czech Republic and Hungary) growth rates in 2008 will be somewhat lower than, or only as high as, in 2007, thus hinting at constraints on further growth acceleration. Household consumption remains the engine of growth in the Czech Republic, Poland, Bulgaria and Romania, as well as in the Baltic States. Investments will boom in Poland, Slovenia, Bulgaria, Romania and the Baltic States. Supply-side constraints on a very rapid expansion of the economy will be felt in more and more countries of the region, especially in terms of the tight labour market. There are clear signs of overheating in Bulgaria, Romania and the Baltic States where the external balance has been deteriorating and no turnaround is in sight. Only in Slovakia does very high growth seem to be sustainable at least over the next two years. Inflation will remain relatively low. This is the outcome of the contradicting effect of inflationary pressures from an increasingly tight labour market and its consequences, and the considerable appreciation of the national currencies. High export growth will reflect the favourable international environment and the growing import demand of the region's main trading partner countries, as well as the continuing competitiveness of the NMS. Economic developments in the future member states (FMS) of the EU – the candidate and potential candidate countries of the Balkans – continue to surprise positively. All countries report respectable growth rates of their GDPs, and the growth looks sustainable. Industrial production, a weak sector traditionally, grows faster than GDP, except in Montenegro. Tourism – an important sector in the Balkans – is attracting investments, private as well as public. In general, investments are proving to be an important driver of growth, though consumption is still the dominant contributor. In addition, exports are growing rather fast though so are imports too. These positive developments are supported by the belief in the political and policy stability in these countries. Though external and internal imbalances, i.e. in the labor markets, are still quite large, price stability does not seem threatened. Even in countries such as Turkey or Serbia, where exchange rates and prices are more volatile, the risks of serious crisis are rather low. In addition to macroeconomic stability, the underlying political stability seems to have improved as well. Though no breakthrough has been achieved in the longstanding political problems, progress in democratization is bringing the security and political risks down. Though economies are doing better in the FMS, public and corporate governance as well as structural reforms are not necessarily contributing decisively to that. The most commonly used indices of progress in reforms, business climate and public governance, do not give a consistent picture and certainly do not unequivocally report improvement. The prospects of EU integration have improved during the German presidency and will add to the positive outlook. Growth should stay between 5% and 6%, investments and exports should grow even faster and macroeconomic stability should be sustained in the medium run. Russia's economic growth accelerated in 2007, driven by booming consumption and investments (including FDI). More expenditures on state-sponsored priority programmes and industrial policy measures focusing on public-private partnership projects should foster restructuring and innovations. The wiiw forecast reckons with ongoing reliance on energy revenues and an average annual GDP growth of 5.3% in the coming years. With more money and power consolidation at home, Russian self-confidence will grow further – and this may lead to more conflicts with the West. In Ukraine, strong consumer demand, vigorous investment activity and solid exports have all contributed to impressive GDP growth of 7.9% in January-May 2007. Rising consumption and housing construction are increasingly driven by expanding consumer credit, not least due to the growing presence of foreign banks. However, we expect economic growth for the year as a whole to be somewhat lower, between 6.5% and 7%. Imports growing faster than exports will translate into a rising current account deficit, possibly up to 4% of GDP in 2007 and even higher next year. The prospects for greater political stability in the country remain bleak. GDP grew by 11.1% in China in the first quarter of 2007, faster than expected by most experts. Obviously, the official efforts to contain growth have so far not been successful. The economy was driven by a rebound of investment and by a ballooning trade surplus, but supported by a certain acceleration of consumer demand as well. Recent data point to a continuation of the rapid expansion, which may result in a growth rate for the whole year between 10.5% and 11%.
    Keywords: O52 ; O57 ; P24 ; P27 ; P33 ; P52 ; ddc:330 ; Central and East European new EU member states ; Southeast Europe ; Balkans ; former Soviet Union ; China ; Turkey ; GDP ; industry ; productivity ; labour market ; foreign trade ; exchange rates ; inflation ; fiscal deficits ; EU integration
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 9
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    Vienna: The Vienna Institute for International Economic Studies (wiiw)
    Publication Date: 2019-09-21
    Description: In general, the competitiveness of an individual enterprise is a matter of its ability to maintain or increase its market share over the longer term. Expressed in different terms, competitiveness is an enterprise's capacity to remain profitable under given market conditions. The same holds true for agriculture. The factors governing the survival of an agricultural enterprise are not only the supply of fixed inputs, the productivity of the inputs applied and the input prices, but also government subsidies and taxes. The prime decisive factor, however, is the demand for the agro-food products. Apart from the manner and extent of market regulation, a major determinant whether a farm can hold its own in the face of foreign competition on foreign and domestic markets is the exchange rate which, in turn, is governed by a series of non-agricultural factors. Compared to the European Union, agricultural production in the CEFTA countries features low average costs and low output prices. This has not been achieved by virtue of high standards of technology or management, but is attributable to exchange rates. With exchange rates working in their favour, agricultural enterprises in the CEFTA countries have been able to live with a relatively low level of subsidies. Discussions on competitiveness thus tend to focus on cost-related competitiveness. Where the CEFTA countries are concerned, this concentration on costs is particularly marked. However, this might well be a lopsided approach. The decisive issue is market power competitiveness in markets. In economic terms, the first half of the 1990s was the most difficult phase for the CEFTA countries. Yet even in more recent years they have not been immune to setbacks as evidenced primarily by Romania. Measured in terms of real GDP growth, the economies of Poland and Hungary experienced a pronounced upswing. Economic growth in Slovenia was somewhat slower, yet constant and very balanced. With the government taking steps to set the country's economy on a firmer footing, Slovakia had to accept a slowdown in growth. Over the past few months, however, all CEFTA countries have registered an improvement in their economies. The boom in Western Europe has spread to the CEFTA countries, most of whose economic structures have improved to such an extent that the openings they offer can also be used to good effect. There are several reasons for the financial difficulties that farmers are yet facing. Over the past ten years, domestic and foreign markets, or shares therein, have been lost; furthermore, agricultural subsidies have been slashed, particularly in the early years of transformation, and given the dramatic rise in input prices, cost pressures have increased, outstripping the rise in output prices. In some CEFTA countries, farms are deeply in debt. In Slovakia and the Czech Republic numerous enterprises have accumulated claims outstanding and thus find themselves unable to service their own debts in an orderly manner. At present, competitiveness in CEFTA agriculture is low. Most enterprises have not been modernized and the whole sector is fraught with structural shortcomings. In addition, for the farmers in the EU-15 and thus the farmers in Austria as well, applying the CAP regulations from the very first day of EU membership will reduce the threat of ruinous competition from the new member countries in the years to come.
    Keywords: Q11 ; Q13 ; Q17 ; P31 ; ddc:330 ; CEFTA countries ; agriculture ; competitiveness
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 10
    Publication Date: 2019-09-21
    Description: In its new special issue on the economies of Central, East and Southeast Europe, The Vienna Institute for International Economic Studies (wiiw) analyses the current economic situation in the region as well as development prospects for 2005 and 2006, presenting revised forecasts based on results for the first months of 2005. Brief surveys of the individual countries are added (covering Albania, Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Hungary, Macedonia, Poland, the Slovak Republic, Slovenia, Serbia and Montenegro, Romania, Russia, Turkey, Ukraine, and China). A short analysis of the ongoing dispute related to the EU budget 2007-2013 as well as an annex with selected indicators of competitiveness and projections of per capita GDP until 2015 are attached. The high growth recorded in 2004 has been generally slowing down in the first months of 2005. The average GDP growth rate for the eight new EU member states (NMS) in the first quarter of 2005 dropped by 2.5 percentage points (to 3.3%), compounded by a marked deterioration of growth in Poland. The growth slowdown is associated with a slow expansion of gross fixed investment; massive declines in the rates of growth of industrial production; quite an abrupt deterioration in industrial labour productivity; and real currency appreciation and a resulting strong rise in unit labour costs. Despite this (and despite growth being weaker than expected in the euro zone), NMS foreign trade continues to perform excellently. Foreign trade has been even more instrumental in generating GDP growth in the first quarter of 2005 than in the past. It should be pointed out, however, that NMS trade with the 'old' EU has grown at a relatively slower pace. The first quarter results confirm our previous assessment of the medium-term prospects in the NMS. GDP growth will generally decelerate to below 4% on average in 2005; it will most probably not accelerate too much in 2006. Given the relatively poor economic performance in the euro zone, there is little that the otherwise constrained fiscal or monetary policies in the NMS can do to change this situation. Much more will depend on the corporate sector's willingness to invest. Growth in 2005 is also slowing down in Southeast Europe - particularly among the region's largest economies Turkey, Romania, Croatia and Serbia. Fiscal consolidation and increasing trade deficits will thus hamper growth which over the biennium 2005-2006 will nonetheless range between 4 and 6%. Only in Croatia will growth be weaker. The prospects for further EU enlargements have taken a turn for the worse in the wake of the recent EU 'constitutional' and budget crises. That notwithstanding, the accession of Bulgaria and Romania is beyond dispute, possibly with a one-year delay. Despite high world market commodity prices, the robust growth in Russia may be a thing of the past. Already in 2004 investment growth was disappointing, reflecting high uncertainty and the deteriorating investment climate. Lagging reforms and huge structural imbalances blur the prospects for sustainable long-term growth. The stimulation of domestic demand through a fiscal relaxation will protract disinflation and induce real appreciation. This will be conducive to higher imports, a lower trade surplus and eventually to slower GDP growth. Following Ukraine's recent explosive growth, things are settling down somewhat, despite some fiscal relaxation. Currency appreciation has adversely affected the trade surplus, while the investment climate has been poisoned by rumours of re-nationalization and the lacklustre programme of the new government. China continues to register extremely rapid GDP growth, despite some slowdown in investment growth. Private consumption is picking up and net exports are rising faster than expected.
    Keywords: O52 ; O57 ; P24 ; P27 ; P33 ; P52 ; ddc:330 ; Central and East European new EU member states ; Southeast Europe ; Balkans ; former Soviet Union ; China ; Turkey ; GDP ; industry ; productivity ; foreign trade ; exchange rates ; inflation ; fiscal deficits ; trade ; ERM II
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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