The geographical region is normally abbreviated as CEE, Central and Eastern Europe. According to the World Factbook the following countries fall within Central Europe: Germany, Poland, Czech Republic, Austria, Slovakia, Slovenia and Hungary. The Baltic States fall within Eastern Europe. Countries to the south of Hungary such as Romania and most elements of the former Yugoslavia are considered part of South-Eastern Europe.
Following the fall of communism in the region at the end of the 1980´s, Central and Eastern Europe proceeded to grow at an average annual rate 2% above western Europe for the following 15 years. in 2008 this growth came to an abrupt halt with the worldwide economic crisis. Countries such as Hungary, Romania and Bulgaria which had been most reliant on foregn capital flows for growth were particularly badly affected. Poland in contrast avoided an actual recession, whilst both the Czech Republic and Slovakia weathered the crisis reasonably well.
Recent years have seen a resumption of growth to levels well above the European average. The region´s competitive advantages include its central location within the European continent, a trading market of 200 million consumers, good availability of skilled labour, relatively low costs and a positive investment climate.
