A decade of transition: achievements and challenges

Front Cover
IMF Institute, International Monetary Fund, Apr 27, 2001 - Business & Economics - 272 pages
The IMF held a conference, "A Decade of Transition: Achievements and Challenges," on February 1-3, 1999, in Washington, D.C. It brought together senior government officials, staff from the European Bank for Reconstruction and Development, the IMF, the World Bank, and academics to answer three questions: How far has the transition progressed in different countries? What factors explain the differences in progress and in economic performance? And what remains to be done? The discussions, and the papers in this volume, provide some answers. First, transition countries have made substantial progress in financial stabilisation, but progress with structural reforms and institutional development has been distinctly greater in Central Europe and the Baltics than in countries farther to the east. Second, although financial stabilisation is essential for renewed economic growth, it is not enough: structural reforms and the development of market institutions must also be sufficiently advanced. Third, while in the next phase of transition, the emphasis will need to shift to several other tasks: carrying through the unfinished structural agenda (especially in lagging countries), accelerating institutional development, addressing egregious cases of income inequality, and dealing firmly with corruption and the growth of vested interests.

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Opening Address
The Main Lessons
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