Transition Countries: Economic Situation in 2008 and the Progress of Market Reforms

Abstract

The aim of this study is to assess current economic situation of 28 post-socialist countries in Europe and Asia undergoing systemic transformation towards an open market economy, their macroeconomic policies and the progress of structural reforms. We focus on the situation prevailing in 2008 and the changes against the previous year, though some estimates regarding future prospects are also included. The focus in this analysis is on the impact of the global economic crisis on macroeconomic performance in the countries of the region. We also present the most recent projections of the basic macroeconomic indicators for 2009 and forecasts for 2010 and 2014, assuming a gradual recovery of world economy from the current crisis.

Keywords: post-socialist countries, transition countries, economic situation, macroeconomic policy, structural reforms

JEL Classification: O11, O57, P20