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 economies where it invests. To perform this task 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 assessments and data in the online country assessments are based on information as of late October 2019.

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.

Illustrations: © 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 (ISO).

Note: The complex coding required for some of our online charts may limit their ability to display in some browsers and 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.

Acknowledgements

The Transition Report 2019-20 was prepared by the Office of the Chief Economist of the EBRD, with contributions from other EBRD departments and under the general direction of Sergei Guriev and Beata Javorcik.

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

Philipp Paetzold provided research assistance.

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

Chapter 1

Raymond Fisman, Tea Gamtkitsulashvili, Sergei Guriev, Carolin Ioramashvili and Alexander Plekhanov, with contributions from Gaurav Jain.

Box 1.1 was prepared by Tea Gamtkitsulashvili and Alexander Plekhanov.
Box 1.2 was prepared by Andrea Garaiova and Bojana Reiner.
Box 1.3 was prepared by Milica Delevic and Gabriele Liotta.
Box 1.4 was prepared by Patrick Kennedy and Andrea Prat.
Box 1.5 was prepared by Sergei Guriev.
Box 1.6 was prepared by Julia Philipp.
Box 1.7 was prepared by Tea Gamtkitsulashvili and Alexander Plekhanov.

Chapter 2

Michael Ganslmeier and Zsoka Koczan, with inputs from Martin Hoflmayr.

Box 2.1 was prepared by Michael Ganslmeier.
Box 2.2 was prepared by Carolin Ioramashvili.
Hila Alaluf provided research assistance.

Chapter 3

Cagatay Bircan, Gian Piero Cigna, Pavle Djuric and Stefan Pauly.

Box 3.1 was prepared by Gian Piero Cigna, Pavle Djuric and Stefan Pauly.
Box 3.2 was prepared by Markus Eller and Thomas Scheiber.
Box 3.3 was prepared by Peter Tabak.
Box 3.4 was prepared by Ralph De Haas, Sergei Guriev and Alexander Stepanov.
Box 3.5 was prepared by Johannes Boehm and Stefan Pauly.
Box 3.6 was prepared by Rahul Mukherjee.

Chapter 4

Ralph De Haas, Ralf Martin, Mirabelle Muuls, Helena Schweiger and Camille Semelet.

Box 4.1 was prepared by Helena Schweiger.
Box 4.2 was prepared by Russell Bishop and Vesselina Haralampieva.
Box 4.3 was prepared by Russell Bishop.
Box 4.4 was prepared by Helena Schweiger and Camille Semelet.

Macroeconomic overview

Martin Hoflmayr and Zsoka Koczan.

Structural reform

Umidjon Abdullaev and Anna Sali, with contributions from sector and regional economists and analysts.

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 2019-20 was provided by Lidia Creech, Dermot Doorly, Hannah Fenn, Cathy Goudie, Dan Kelly, Viktorija Quartly, 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 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, European Investment Bank, International Monetary Fund and the World Bank Group as well as Semih Tumen. The 2018-19 round of the Enterprise Surveys conducted in the EBRD regions by the EBRD, the European Investment Bank and the World Bank Group benefited from financial support provided by the EBRD Shareholder Special Fund. Throughout the Transition Report 2019-20 these surveys are referred to as “Enterprise Surveys”.

Glossary

AMT
Anti-money laundering
ARMA
(Ukraine’s) Asset Recovery and Management Agency
ARQ
Asset quality review
ATQ scores
“Assessment of transition qualities” scores
BEPS II
Banking Environment and Performance Survey II
CEB
Central Europe and the Baltic states
CEPII
Centre d›Études Prospectives et d›Informations Internationales
CFT
Countering the financing of terrorism
CO2
Carbon dioxide
EBRD, the
European Bank for Reconstruction and Development
EEC
Eastern Europe and the Caucasus
EIB
European Investment Bank
E-PRTR
European Pollutant Release and Transfer Register
EQI
European Quality of Government Index
ESD issues
Environmental, social and governance issues
EU
European Union
FDI
Foreign direct investment
Fed, the
US Federal Reserve
GDP
Gross domestic product
GEFF
Green Economy Financing Facility
GET
Green Economy Transition approach (an EBRD initiative)
GICI
Global Incidence of Corruption Index
HACC
(Ukraine’s) High Anti-Corruption Court
ICT
Information and communication technology
IEA
International Energy Agency
IFI
International financial institution
IMF
International Monetary Fund
INDCs
Intended nationally determined contributions
ISIC
International Standard Industrial Classification
KPI
Key performance indicator
NABU
National Anti-Corruption Bureau of Ukraine
NUTS 2 (or NUTS II)
Second level of the Nomenclature of Territorial Units for Statistics
NAPC
(Ukraine’s) National Agency for Prevention of Corruption
OECD
Organisation for Economic Co-operation and Development
PPP
Purchasing power parity
PPPs
Public-private partnerships
R&D
Research and development
RSTs
(Ukraine’s) Reform Support Teams
SAGSUR
Strategic Advisory Group for Support of Ukrainian Reforms
SAPO
(Ukraine’s) Specialised Anti-Corruption Prosecutor’s Office
SEE
South-eastern Europe
SEMED
Southern and eastern Mediterranean
SMEs
Small and medium-sized enterprises
TCFD
The Financial Stability Board’s Task Force on Climate-related Financial Disclosures
URA
Ukraine Reform Architecture
VAT
Value-added tax
3G technology
Third-generation technology

 

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 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

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Tel: +44 20 7338 6000

Other enquiries

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Office of the Chief Economist

Tel: +44 20 7338 6037
Email: economics@ebrd.com
Chief Economist: Beata Javorcik

Last updated on 19 November 2019