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 analysis and data in the online country assessments are based on information as of late October 2022. In the report chapters, all assessments and data are based on information as of late August 2022.

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.

Note: Terms, names, charts and maps 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 2022-23 was prepared by the Office of the Chief Economist of the EBRD, with contributions from other EBRD departments and under the general direction of Beata Javorcik.

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

Joseph Sassoon provided research assistance.

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

Chapter 1

Maxim Chupilkin and Zsoka Koczan (team leader), with contributions from Przemyslaw Karpisz.

Box 1.1 was prepared by Helena Schweiger.
Box 1.2 was prepared by Przemyslaw Karpisz.
Box 1.3 was prepared by Calum Wallace and Philipp Paetzold.
Box 1.4 was prepared by Zsoka Koczan and Pawel Krasny.

Chapter 2

Cevat Giray Aksoy (team leader), Maxim Chupilkin, Jan Gromadzki, Anina Harter and Piotr Lewandowski.

Box 2.1 was prepared by Pierre-Louis Vezina.
Box 2.2 was prepared by Cevat Giray Aksoy and Chan Yu.
Box 2.3 was prepared by Anina Harter.
Box 2.4 was prepared by Cevat Giray Aksoy, Jan Gromadzki, Anina Harter and Piotr Lewandowski.
Box 2.5 was prepared by Sami Anouar and Jodeh Reem.

Chapter 3

Francesca Faella, Beata Javorcik, Lucas Kitzmüller, Vincenzo Langella and Helena Schweiger (team leader), with input from Andreas Baur and Lisandra Flach.

Box 3.1 was prepared by Francesca Faella and Helena Schweiger.
Box 3.2 was prepared by Muhammed A. Yıldırım.
Box 3.3 was prepared by Vincenzo Langella and Helena Schweiger.
Box 3.4 was prepared by Maxim Chupilkin and Alexander Plekhanov.

Chapter 4

Çağatay Bircan (team leader), Ralph De Haas and Hannah Moreno.

Box 4.1 was prepared by Catherine Bridge-Zoller, Ralph De Haas and Natalia Pagkou.
Box 4.2 was prepared by Catherine Bridge-Zoller, Ralph De Haas and Natalia Pagkou.
Box 4.3 was prepared by Çağatay Bircan and Hannah Moreno.

Chapter 5

Anna Carruthers, Alexander Plekhanov (team leader), Anna Sali and Joseph Sassoon, with contributions from Siqi Wu and sector and regional economists and analysts.

Box 5.1 was prepared by Zsoka Koczan.
Box 5.2 was prepared by Anna Carruthers and Siqi Wu.

The online country assessments 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 Bianca Beks, Poilin Breathnach, Dermot Doorly, Hannah Fenn, Cathy Goudie, Dan Kelly, Richard Porter, Viktorija Quartly, Jonathan Wells, Bryan Whitford and Marjola Xhunga in the EBRD Communications Department, and by Matthew Hart and Natasha Treloar. The Transition Report 2022-23 was designed and print-managed by Blackwood Creative Ltd; www.weareblackwood.com.

The authors and editors of the report would like to thank Elisabeth Beckmann and Melanie Koch for providing data from the Euro Survey conducted by the Austrian National Bank, and Philip Barrett of the International Monetary Fund for providing data on social unrest. The report benefited from expert advice from Tim Eisert for Chapter 4 and Paul Poast for Chapter 1, as well as comments and suggestions from the EBRD Board of Directors and their authorities, EBRD staff and staff of the European Commission, European Investment Bank, International Monetary Fund and the World Bank Group.

Glossary

AML/CFT rules
Rules combating money laundering and the financing of terrorism
ATQ scores
The EBRD’s “Assessment of transition qualities” scores
BEEPS
Business Environment and Enterprise Performance Survey
BEPS III
Banking Environment and Performance Survey III
CBAM
Carbon Border Adjustment Mechanism
CCWP
Confronting the Costs of War Project
CEB
Central Europe and the Baltic states
CEO
Chief executive officer
CES
Constant elasticity of substitution
CIF
Cost, insurance and freight
EBRD, the Bank
European Bank for Reconstruction and Development
EBRD regions
Economies where the EBRD works. In the Transition Report 2022-23, the regions do not include Belarus, Cyprus or Russia. See https://www.ebrd.com/where-we-are.html.
EEC
Eastern Europe and the Caucasus
EIB
European Investment Bank
EU
European Union
FDI
Foreign direct investment
GDP
Gross domestic product
GHG
Greenhouse gas
ICT
Information and communication technology
IDPs
Internally displaced people
IMF
International Monetary Fund
IPO
Initial public offering
ISIC
International Standard Industrial Classification
ISO
International Organization for Standardization
MFW
Microfund for Women
MRIO
The Asian Development Bank’s Multi-Regional Input-Ouput database
NATO
North Atlantic Treaty Organization
NDCs
Nationally determined contributions
NIEM
National Integration Evaluation Mechanism
NPLs
Non-performing loans
NUTS
Nomenclature of Territorial Units for Statistics
OECD
Organisation for Economic Co-operation and Development
PESEL
Polish national identification number
PPP
Purchasing power parity
PRODY
The average GDP per capita of all countries exporting the product in question, weighted by each country’s share in total exports of that product
R&D
Research and development
SEE
South-eastern Europe
SEMED
Southern and eastern Mediterranean
SIC
Standard Industrial Classification
SMEs
Small and medium-sized enterprises
SOEs
State-owned enterprises
TFP
Total factor productivity
UN
United Nations
UNCTAD
United Nations Conference on Trade and Development
UNHCR
United Nations High Commissioner for Refugees
UNOCHA
United Nations Office for the Coordination of Humanitarian Affairs
UNRWA
United Nations Relief and Works Agency for Palestine Refugees in the Near East
V-Dem dataset
Varieties of Democracy dataset
WEF
World Economic Forum
WITS
World Integrated Trade Solution (a World Bank website)

 

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, charts and maps 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

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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 10 November 2022