Publisher's Synopsis
The EBRD's Transition Report 2008, which tracks the economic performance and progress on reforms across EBRD countries, predicts overall growth will fall to 6.3 per cent in 2008 from 7.5 per cent in 2007 and drop further to 3.0 per cent in 2009. Continued growth in the region's economy in the early stages of the global crisis was a testament to remarkable reform achievements. But the region now faces a much less benign international environment and outflows of capital from emerging markets, risk aversion and the recession in key OECD economies will test the resilience of transition countries. In a separate chapter on the impact of the global credit crisis on the region, the report notes the deterioration in the overall financing environment could now result in a lasting and substantial slowdown in credit expansion. If so, the consequences for the overall growth of economies in the transition region will undoubtedly be severe. However, t
