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The contents of this publication reflect the opinions of individual authors and do not necessarily reflect the views of the EBRD.
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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.
Note: Terms and names used in this report to refer to geographical or other territories, political and economic groupings and units, do not constitute and should not be construed as constituting an express or implied position, endorsement, acceptance or expression of opinion by the European Bank for Reconstruction and Development or its members concerning the status of any country, territory, grouping and unit, or delimitation of its borders, or sovereignty.
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
Note: Terms and names used in this report to refer to geographical or other territories, political and economic groupings and units, do not constitute and should not be construed as constituting an express or implied position, endorsement, acceptance or expression of opinion by the European Bank for Reconstruction and Development or its members concerning the status of any country, territory, grouping and unit, or delimitation of its borders, or sovereignty.
Contact us
EBRD website
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
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