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Bumpy 2012 ahead

Bulgaria: Headwinds to the domestic growth outlook
Poland: Growth remains strong but spillovers of global slowdown unavoidable
Romania: Higher than expected GDP reading in the third quarter
Serbia: NBS cut interest rates by another 25bps to 9.75%
Turkey: Q3 growth surprises to the upside; overheating is lessening
Ukraine: Vulnerable to deteriorating investor sentiment despite resilient growth in 2011