Slovakia, Poland and the Czech Republic are the clear leaders when it comes to economic growth in both the emerging markets of Eastern Europe, and even when compared to much of Western Europe.

European Union analysts now expect Slovakia to post growth figures of around 4.9 percent in 2009, while the Czech economy will expand by a more modest 3.8 percent. Poland’s economic growth will reach 3.6 percent next year.

Davis Hauner of the Bank of America noted that the reason why countries like Poland, Slovakia and the Czech Republic are still doing much better economically than the West is because domestic consumer demand remains strong.

Slovakia has the added advantage of a successful housing market—especially in Bratislava—which has not experienced the type of near collapse that now characterizes markets in the United Kingdom.

One of the main motors of Slovakia’s economy also remains the country’s automobile manufacturing sector.  Additionally, analysts believe that imminent adoption of the euro within the next two months is also helping to boost investor confidence in the Slovak economy.

Poland’s advantage is that it relies less heavily on exports to euro zone countries than nations such as Hungary, which by contrast will probably avoid recession in 2009 but may only post anaemic growth of around 0.7 percent.

While Poland’s exports comprise 18 percent of the country’s GDP, this figure stands at 40 percent in the case of Hungary. As Western Europe slides ever deeper into recession, the Hungarian economy is therefore indirectly affected.