Title: Economic development of the Central and Eastern Europe in times of crisis
Abstract: This paper presents an overview of the economic development of the Central and Eastern Europe (CEE) region in times of crisis. In recent years, the global economic and financial systems were negatively affected by the collapse of the American financial markets. The crisis was translated from financial to industrial sector. The biggest impact was felt in countries that were directly involved in risky transactions, as well as in other countries of CEE region that were hit by capital flight, falling demand, and reduced foreign direct investments and exports. The Region is faced with the crisis, which has expanded the already existing imbalances in the economy. Having in mind that the economic development is affected by various factors, the authors use different macroeconomic indicators and analyze development performances of the CEE region in the period 2008- 2013, as well as the perspective of its future growth.