About this report
About this report
The EBRD seeks to foster the transition to an open market-oriented economy and to promote entrepreneurship in the regions where it invests. To do this effectively, the Bank needs to analyse and understand the process of transition.
The purpose of the Transition Report is to advance this understanding and to share our analysis with partners.
Responsibility for the content of the report is taken by the Office of the Chief Economist. The assessments and views expressed are not necessarily those of the EBRD. All analysis and data in the online country assessments are based on information available in late October 2024. In the report chapters, all assessments and data are based on information available in late August 2024.
Terms and conditions
See 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.
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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.
Designed and produced by Blackwood Creative Ltd and the EBRD.
Photography: © EBRD.
Illusrations: © Blackwood Creative Ltd.
Abbreviations: For charts in this Transition Report, the abbreviations used for each economy follow the ISO 3166-1 three-letter economy codes published by the International Organization for Standardization.
Note: The complex coding required for some of our online charts may limit their ability to display in some browsers and to export successfully.
Note: Terms, names, maps and charts 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.
Acknowledgements
The Transition Report 2024-25 was prepared by the Office of the Chief Economist of the EBRD under the general direction of Beata Javorcik, with contributions from other EBRD departments.
The editors of the report were Ralph De Haas and Alexander Plekhanov.
Oleg Konovalov provided research assistance.
The writing teams for the chapters, boxes and annexes comprised:
Chapter 1
Maxim Chupilkin, Zsóka Kóczán (team leader), Victoria Marino, Alexander Plekhanov and Xiaoyu Yan, with contributions from Chuan-Han Cheng, Nik Milushev and Xuanyi Wang.
Box 1.1 was prepared by Zsóka Kóczán and Juan Lucci.
Box 1.2 was prepared by Victoria Marino.
Box 1.3 was prepared by Zsóka Kóczán and Xiaoyu Yan.
Box 1.4 was prepared by Zsóka Kóczán. Box 1.5 was prepared by Zsóka Kóczán and Alexander Plekhanov.
Chapter 2
Pablo García Guzmán, Anton Grahed, Beata Javorcik and Helena Schweiger (team leader), with contributions from Tim Deisemann.
Box 2.1 was prepared by Pablo García Guzmán, Anton Grahed and Helena Schweiger.
Box 2.2 was prepared by Tim Deisemann and Anton Grahed.
Box 2.3 was prepared by Anton Grahed.
Chapter 3
Cevat Giray Aksoy (team leader), Ralph De Haas, Pablo García Guzmán, Francesco Loiacono, Ege Ondeş, Andrés Rodríguez-Pose, Xuanyi Wang and Muhammed Hasan Yılmaz.
Box 3.1 was prepared by Pablo García Guzmán.
Box 3.2 was prepared by Andrés Rodríguez-Pose.
Box 3.3 was prepared by Pablo García Guzmán.
Box 3.4 was prepared by Cevat Giray Aksoy and Xuanyi Wang.
Box 3.5 was prepared by Anton Grahed and Ege Ondeş.
Box 3.6 was prepared by Aleksandr Kazakov and Michael Koetter.
Box 3.7 was prepared by Andrés Rodríguez-Pose.
Box 3.8 was prepared by Cevat Giray Aksoy and Muhammed Hasan Yılmaz.
Chapter 4
Cevat Giray Aksoy, Tim Deisemann, Francesco Loiacono (team leader), Federica Mascolo and Niharika Satish, with contributions from Xiaoyu Yan.
Box 4.1 was prepared by Tim Deisemann.
Box 4.2 was prepared by Moritz Hennicke.
Chapter 5
Alexander Plekhanov and Anna Sali, with contributions from sectoral and regional economists and analysts.
The online country assessments and the summary of structural reform at tr-ebrd.com were prepared by the regional economists and analysts of the Policy Strategy and Delivery Department and edited by Peter Sanfey.
Editorial, multimedia and production guidance for the report was provided by Poilin Breathnach, Hannah Fenn, Cathy Goudie, Dan Kelly, Richard Porter, Viktorija Quartly, Bryan Whitford and Marjola Xhunga in the EBRD Communications Department, and by Jennifer Freedman and Matthew Hart. The report was designed and print-managed by Blackwood Creative Ltd: www.weareblackwood.com.
The authors and editors of the report would like to thank Nathan Lane, Rocco Macchiavello, Andrés Rodríguez-Pose and Vincent Sterk for their guidance. The report also benefited from comments and suggestions from the EBRD Board of Directors and their authorities, EBRD staff and staff of the European Commission, the European Investment Bank, the International Monetary Fund and the World Bank Group.
Glossary
- ATQ scores
- the EBRD’s “assessment of transition qualities” scores
- BaTIS
- OECD-WTO Balanced Trade in Services
- BEEPS
- EBRD-World Bank Business Environment and Enterprise Performance Survey
- CEB
- central Europe and the Baltic states
- CHIPS and Science Act
- Creating Helpful Incentives to Produce Semiconductors (CHIPS) and Science Act, in the United States of America
- DSTRI
- OECD Digital Services Trade Restrictiveness Index
- EAFRD
- European Agricultural Fund for Rural Development
- EAGF
- European Agricultural Guarantee Fund
- the EBRD, the Bank
- the European Bank for Reconstruction and Development
- EBRD regions
- economies where the EBRD works (in the Transition Report 2024-25, the EBRD regions do not include Belarus, Cyprus or Russia; see https://www.ebrd.com/where-we-are.html)
- EEA
- European Economic Area
- EEC
- eastern Europe and the Caucasus
- EIB
- European Investment Bank
- EIF
- European Investment Fund
- EMDEs
- emerging markets and developing economies
- EMFAF
- European Maritime, Fisheries and Aquaculture Fund
- ESRS
- European Sustainability Reporting Standards
- ETD
- Groningen Growth and Development Centre’s Economic Transformation Database
- ETD-TE
- Groningen Growth and Development Centre’s Economic Transformation Database of Transition Economies
- EU
- European Union
- FDI
- foreign direct investment
- GDP
- gross domestic product
- GDPR
- the EU’s General Data Protection Regulation
- GHG
- greenhouse gas
- GRP
- gross regional product
- GRW programme
- Improvement of Regional Economic Structures programme
- GTA
- Global Trade Alert database
- GVC
- global value chain
- ICT
- information and communication technology
- ILO
- International Labour Organization
- IMF
- International Monetary Fund
- IPAs
- investment promotion agencies
- IRA
- Inflation Reduction Act
- ISCO
- International Standard Classification of Occupations
- ISI
- import substitution industrialisation
- ISIC
- International Standard Industrial Classification
- ISSB
- International Sustainability Standards Board
- IT
- information technology
- IWH
- Halle Institute for Economic Research
- LFS
- EU Labour Force Survey
- LiTS
- Life in Transition Survey
- LLM
- large language model
- NPLs
- non-performing loans
- NTL
- night-time light
- NUTS
- Nomenclature of Territorial Units for Statistics
- NZIA
- the European Union’s Net-Zero Industry Act
- OECD
- Organisation for Economic Co-operation and Development
- PPP
- purchasing power parity
- QuIS
- Quantifying Industrial Strategies
- R&D
- research and development
- RBTC
- routine-biased technical change
- ROC curve
- receiver operating characteristic curve
- SBS
- Eurostat’s Structural Business Statistics
- SEE
- south-eastern Europe
- SEMED
- southern and eastern Mediterranean
- SEZs
- special economic zones
- SMEs
- small and medium-sized enterprises
- SOEs
- state-owned enterprises
- SSA
- sub-Saharan Africa
- STEM
- science, technology, engineering and mathematics
- STRI
- World Bank-WTO Services Trade Restrictions Index
- TDZs
- technology development zones
- UN
- United Nations
- UNESCO
- United Nations Educational, Scientific and Cultural Organization
- VAT
- value added tax
- V-Dem indicator
- Varieties of Democracy indicator
- WDIs
- World Bank World Development Indicators
- WEF
- World Economic Forum
- WGIs
- the World Bank’s Worldwide Governance Indicators
- WIID
- UNU-WIDER World Income Inequality Database
- WIOD
- World Input-Output Database
- WTO
- World Trade Organization
Country abbreviations
For charts in this Transition Report, the abbreviations used for each economy follow the ISO 3166-1 three-letter economy codes published by the International Organization for Standardization (ISO).
Note: Terms, names, maps and charts 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
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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: Beata Javorcik
Last updated on 26 November 2024