Terms and conditions

Terms and conditions

Full terms and conditions can be found on www.ebrd.com.

Disclaimer

The contents of this publication reflect the opinions of individual authors and do not necessarily reflect the views of the EBRD.

© European Bank for Reconstruction and Development

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London EC2A 2JN
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Website: www.ebrd.com

All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, including photocopying and recording, without the written permission of the copyright holder.

Such written permission must also be obtained before any part of this publication is stored in a retrieval system of any nature.

Note:  The complex coding required for some of our online charts may limit their ability to export successfully. For all maps in this website, the designations employed and the presentation of material in the maps do not imply the expression of any opinion whatsoever on the part of the EBRD concerning the legal or constitutional status of any country, territory or sea area, or concerning the delimitation of frontiers.

Hyperlinks to non-EBRD websites do not imply any official endorsement of or responsibility for the opinions, ideas, data or products presented at these locations, or guarantee the validity of the information provided. The sole purpose of links to non-EBRD sites is to indicate further information available on related topics.

The Low Carbon Economy (LCE) data and ratings used in this report (“LCE Data”) is obtained from the Quantitative & Structural Database (“QSD”) owned by FTSE International Limited (“FTSE”). FTSE is a group undertaking of London Stock Exchange Group Plc. The LCE Data, as well as the marks FTSE®, FTSE Russell®, FTSE Russell LCE™, LCE Classification System™, LOWCII™, QSD™ are reserved to FTSE and its licensors. LCE Data is provided for information purposes only. Neither FTSE, nor its licensors or group undertakings, or their respective directors, officers, employees, partners or licensors make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to the accuracy of the LCE Data, the results to be obtained from its use or suitability of that data for any particular purpose to which they might be put. Nothing in the LCE Data constitutes investment, financial or any other advice. Neither FTSE, nor its group undertakings or their respective directors, officers, employees, partners or licensors make any representation regarding the advisability of investing in any securities, assets or products. A decision to invest in any such securities, assets or products should not be made in reliance on any information contained in this report. The general information contained in this report should not be acted upon without obtaining specific legal, tax, and investment advice from a licensed professional. No LCE Data may be reproduced, copied, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior written permission of FTSE.

Chart 4.3 and 4.1.1 use IEA data from World Energy Balances 2017, © OECD/IEA 2016, www.iea.org/statistics, licence www.iea.org/t&c; as modified by the EBRD.

Acknowledgements

The Transition Report was prepared by the Office of the Chief Economist (OCE) of the EBRD, under the general direction of Sergei Guriev. It also includes contributions from the Office of the General Counsel (Annex 3.1) and the Economics, Policy and Governance department (structural reform overview and online country assessments).

The editors of the report are Ralph de Haas and Alexander Plekhanov.

Valerijs Rezvijs provided research assistance.

The report is based on background studies funded by the EBRD Korea Trust Fund.

The writing teams for the chapters, boxes and annexes comprised:

Beyond the middle-income trap (Chapter 1)

Martin Hoflmayr, Alexander Plekhanov and Morten Stostad.
Box 1.1 was prepared by Alexander Plekhanov;
Box 1.2 was prepared by Morten Stostad;
Box 1.3 was prepared by Juan Jose Cortina and Sergio Schmukler.

Firm dynamics and productivity (Chapter 2)

Cagatay Bircan and Orkun Saka, with contributions from Susanne Wischnath.
Box 2.1 was prepared by Cagatay Bircan and Orkun Saka;
Box 2.2 was prepared by Cagatay Bircan;
Box 2.3 was prepared by Cagatay Bircan.

Infrastructure and growth (Chapter 3)

Alex Chirmiciu, Flavia Cifarelli, Kerem Cosar, Banu Demir Pakel and Nathaniel Young with contributions from Shane Baek.
Box 3.1 was prepared by Alex Chirmiciu, Flavia Cifarelli and Nathaniel Young;
Box 3.2 was prepared by Kerem Cosar, Banu Demir Pakel and Nathaniel Young;
Box 3.3 was prepared by Kerem Cosar, Banu Demir Pakel and Nathaniel Young;
Box 3.4 was prepared by Markus Biesinger, Cagatay Bircan, Alexander Ljungqvist and Nathaniel Young with contributions from Susanne Wischnath.
Annex 3.1 was prepared by Bruno de Cazalet, Thomas Hamerl, Marija Musec, Iryna Yelisyeyeva and Alexei Zverev.

Green growth (Chapter 4)

Sam Fankhauser, Martin Guenther and Helena Schweiger, with contributions from Alexander Stepanov.
Box 4.1 was prepared by Isabel Blanco and Damin Chung;
Box 4.2 was prepared by Helena Schweiger and Alexander Stepanov;
Box 4.3 was prepared by Helena Schweiger;
Box 4.4 was prepared by Martin Guenther and Helena Schweiger;
Box 4.5 was prepared by Ralph de Haas and Alexander Popov;
Box 4.6 was prepared by Alexa Tiemann;
Box 4.7 was prepared by Sam Fankhauser;
Box 4.8 was prepared by Helena Schweiger and Alexa Tiemann;
Box 4.9 was prepared by Russell Bishop.

Outlook (Macroeconomic overview)

Martin Hoflmayr, Alexander Plekhanov and Morten Stostad, with contributions from Valerijs Rezvijs.
Box M.1 was prepared by Valerijs Rezvijs.

Reform (Structural reform)

Svenja Petersen and Peter Sanfey, with contributions from sector and regional economists and analysts.
Box S.1 was prepared by Svenja Petersen;
Box S.2 was prepared by Svenja Petersen.

The online country assessments at tr-ebrd.com were prepared by the regional economists and analysts of the Economics, Policy and Governance department and edited by Peter Sanfey.

Editorial, multimedia and production guidance for the Transition Report was provided by Dermot Doorly, Hannah Fenn, Cathy Goudie, Dan Kelly, Jane Ross, Natasha Treloar, Jonathan Wells, Bryan Whitford and Anthony Williams in the EBRD Communications department, and by Matthew Hart and Helen Valvona. The report was designed and print-managed by Blackwood Creative Ltd; www.weareblackwood.com.

The editors are indebted to Ufuk Akcigit, Era Dabla-Norris, Jong-Wha Lee, Marta Skrzypinska and Kei-Mu Yi for helpful comments and suggestions. The report benefited from comments and feedback from the EBRD Board of Directors and their authorities, the EBRD Executive Committee, the EBRD’s Resident Offices and Country Teams, and staff from the European Commission, OECD, International Monetary Fund and the World Bank Group.

The Low Carbon Economy (LCE) data and ratings used in this report (“LCE Data”) is obtained from the Quantitative & Structural Database (“QSD”) owned by FTSE International Limited (“FTSE”). FTSE is a group undertaking of London Stock Exchange Group Plc. The LCE Data, as well as the marks FTSE®, FTSE Russell®, FTSE Russell LCE™, LCE Classification System™, LOWCII™, QSD™ are reserved to FTSE and its licensors. LCE Data is provided for information purposes only. Neither FTSE, nor its licensors or group undertakings, or their respective directors, officers, employees, partners or licensors make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to the accuracy of the LCE Data, the results to be obtained from its use or suitability of that data for any particular purpose to which they might be put. Nothing in the LCE Data constitutes investment, financial or any other advice. Neither FTSE, nor its group undertakings or their respective directors, officers, employees, partners or licensors make any representation regarding the advisability of investing in any securities, assets or products. A decision to invest in any such securities, assets or products should not be made in reliance on any information contained in this report. The general information contained in this report should not be acted upon without obtaining specific legal, tax, and investment advice from a licensed professional. No LCE Data may be reproduced, copied, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior written permission of FTSE.

Glossary

ADB
Asian Development Bank
BEEPS
Business Environment and Enterprise Performance Survey (conducted by the EBRD and the World Bank)
BIS
Bank for International Settlements
BOO
Build-own-operate
BOT
Build-operate-transfer
CA
Central Asia
CEB
Central Europe and the Baltic states
CFI
Climate-Friendliness Index
CompNet
Competitiveness Research Network
CRIC cycle
Crisis-reform-improvement-complacency cycle
EBRD, the
European Bank for Reconstruction and Development
EC
European Commission
ECB
European Central Bank
ECI
Economic Complexity Index
EEC
Eastern Europe and the Caucasus
EGA
Environmental Goods Agreement
EIA
US Energy Information Administration
EIB
European Investment Bank
EITI
Extractive Industries Transparency Initiative
EPO
European Patent Office
EU
European Union
FDI
Foreign direct investment
FYR Macedonia
Former Yugoslav Republic of Macedonia
GCI
Global Competitiveness Index
GCI
Green Complexity Index
GCP
Green Complexity Potential
GDH
Turkish General Directorate of Highways
GDP
Gross domestic product
GHG
Greenhouse gas
GII
Green Innovation Index
GIS
Geographic information system
GVAR
Global vector autoregressive
GVC
Global value chain
ICT
Information and communication technology
IFI
International financial institution
IMF
International Monetary Fund
ISO
International Organization for Standardization
LCE
Low-Carbon Economy database (FTSE Russell’s LCE database)
LiTS
Life in Transition Survey
LPI
Logistics Performance Index
LTE
Long-term evolution
MENA ES
Middle East and North Africa Enterprise Surveys (conducted by the EBRD, the European Investment Bank and the World Bank)
NPL
Non-performing loan
OECD
Organisation for Economic Co-operation and Development
OPEC
Organisation of the Petroleum Exporting Countries
PE
Private equity
PFI
Private finance initiative
PPP
Public-private partnership
PPP
purchasing power parity
QE
Quantitative easing
R&D
Research and development
SEE
South-eastern Europe
SEMED
Southern and eastern Mediterranean
SGC
Southern Gas Corridor
SMEs
Small and medium-sized enterprises
SPVs
Special-purpose vehicles
SWOTs
Strengths, weaknesses, opportunities and threats
Transition countries
Countries where the EBRD works to foster the transition to open market-oriented economies
Transition impact
See http://www.ebrd.com/our-values/transition.html
TFP
Total factor productivity
UN
United Nations
UNCTAD
United Nations Conference on Trade and Development
VAT
Value-added tax
WDIs
World Development Indicators
WGIs
The World Bank’s Worldwide Governance Indicators (control of corruption, regulatory quality, government effectiveness and rule of law)
WIOD
World Input-Output Database
WIPO
World Intellectual Property Organization
WTO
World Trade Organization

 

Country abbreviations

Albania
ALB
Armenia
ARM
Azerbaijan
AZE
Belarus
BEL
Bosnia and Herz.
BOS
Bulgaria
BUL
Croatia
CRO
Cyprus
CYP
Egypt
EGY
Estonia
EST
FYR Macedonia
FYR
Georgia
GEO
Greece
GRC
Hungary
HUN
Jordan
JOR
Kazakhstan
KAZ
Kosovo
KOS
Kyrgyz Republic
KGZ
Latvia
LAT
Lebanon
LBN
Lithuania
LIT
Moldova
MDA
Mongolia
MON
Montenegro
MNG
Morocco
MOR
Poland
POL
Romania
ROM
Russia
RUS
Serbia
SER
Slovak Republic
SVK
Slovenia
SLO
Tajikistan
TJK
Tunisia
TUN
Turkey
TUR
Turkmenistan
TKM
Ukraine
UKR
Uzbekistan
UZB

 

(Other Countries)

China
CHN
Czech Republic
CZE
Israel
ISR
South Korea
KOR
United Arab Emirates
UAE
United Kingdom
UK
United States of America
USA

Contact us

EBRD website

www.ebrd.com

Switchboard/central contact

Tel: +44 20 7338 6000

Other enquiries

See the Enquiries page

Office of the Chief Economist

Tel: +44 20 7338 6037
Email: economics@ebrd.com
Chief Economist: Sergei Guriev

Last updated on 22 November 2017