Competitiveness
This section feature research, opinion and progress reports on how the Czech Republic compares to other EU countries economically. It includes analysis of international rankings such as the WEF and World Bank.
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Spotlight issue
Financial reporting of European banks: benchmark study H1 2023
Has the European banking sector achieved renewed stability amidst a troubled macroeconomic context? Over the past three years, the banking sector has had to endure numerous crises, including Covid-19 and the war in Ukraine. What do the 2023 interim results of the 26 largest banks in Europe indicate about the impact on Expected Credit Losses (ECL) in this unusual environment?
We have analysed the 2023 interim reports of 26 banks in 11 European countries to better understand the impact of financial turbulence and ongoing geopolitical crises on their Expected Credit Losses. This study is the seventh in its series and follows on from previous editions of the report since its launch in 2020.
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State of Grocery in Central Europe 2023: The battle for the new shopper
Central European retailers and manufacturers must reassess their offerings to effectively meet customer demands and shrinking budgets, focusing on perceived price attractiveness and store formats.
Looking back at 2022
The outlook for 2022 given pandemic-related inflation was rather pessimistic. In the 2022 McKinsey & Company CEO Survey of 57 European grocery leaders, 60 percent foresaw worsening market conditions. Time has proven them right, yet they underestimated the extent of economic challenges, as Russia's invasion of Ukraine intensified negative trends, pushing food and energy inflation beyond expectations, and driving consumer preference for cheaper options. Rising inflation surpassed per capita disposable income growth, squeezing household budgets; Central European disposable income increased 10 percent over four years, while 2022's food inflation hit 15 percent. Grocery sales in major Central European markets grew only 4 percent in 2022, down from 9 percent in 2021 due to Ukraine, with similar trends affecting the wider EU retail market (Exhibit 1).
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