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 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 2023. In the report chapters, all assessments and data are based on information available in late August 2023.
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, Getty Images and Shutterstock, Inc.
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 2023-24 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
Cevat Giray Aksoy (team leader), Michelle Brock, Victoria Marino, Peter Sanfey and Matias Gomez Seeber.
Box 1.1 was prepared by Ralph De Haas, Victoria Marino and Theresa Niederle.
Box 1.2 was prepared by Cevat Giray Aksoy.
Box 1.3 was prepared by Yuriy Gorodnichenko and Marianna Kudlyak.
Chapter 2
Pablo Garcia Guzman, Beata Javorcik, Lucas Kitzmüller, Sushil Mathew, Helena Schweiger (team leader) and Xuanyi Wang, with contributions from Muhammed A. Yildirim.
Box 2.1 was prepared by Sushil Mathew, Helena Schweiger and Xuanyi Wang.
Box 2.2 was prepared by Sushil Mathew, Helena Schweiger and Muhammed A. Yildirim.
Box 2.3 was prepared by Moritz Lubczyk and Maria Waldinger.
Box 2.4 was prepared by Maxim Chupilkin, Beata Javorcik and Alexander Plekhanov.
Box 2.5 was prepared by Banu Demir Pakel and Beata Javorcik.
Box 2.6 was prepared by Asma Akremi, Marwa El Shahawy, Zakaria Garti, Bojana Reiner and Alexa Tiemann.
Box 2.7 was prepared by Divya Chawla Jindal and Vesselina Haralampieva.
Box 2.8 was prepared by Paolo Monaco.
Chapter 3
Çağatay Bircan (team leader), Lucas Kitzmüller, Sehar Noor and Niharika Satish.
Box 3.1 was prepared by Çağatay Bircan and Niharika Satish.
Box 3.2 was prepared by Maria Waldinger.
Box 3.3 was prepared by Soha Ismail and Alexa Tiemann.
Chapter 4
Maxim Chupilkin, Zsoka Koczan (team leader) and Ireko Zamilov.
Box 4.1 was prepared by Zsoka Koczan.
Box 4.2 was prepared by Zsoka Koczan.
Box 4.3 was prepared by Maxim Chupilkin.
Chapter 5
Anna Sali, with contributions from sector and regional economists and analysts.
The online country assessments and a 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, Katy Golder, Cathy Goudie, Rodrigo Juárez, Dan Kelly, Richard Porter, Viktorija Quartly, Bryan Whitford and Marjola Xhunga in the EBRD Communications Department, and by Gemma Fry 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 Ivett Újvárosi and Melinda Gajda Sándorné for providing data on housing renovations in Hungary. The report benefited from 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 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
- BaTIS
- Balanced Trade in Services
- CCG
- corporate climate governance
- CEB
- central Europe and the Baltic states
- CSRD
- Corporate Sustainability Reporting Directive
- CS3D
- Corporate Sustainability Due Diligence Directive
- the EBRD, the Bank
- the European Bank for Reconstruction and Development
- EBRD regions
- economies where the EBRD works (in the Transition Report 2023-24, the EBRD 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
- EITI
- Extractive Industries Transparency Initiative
- EPO
- European Patent Office
- ESRS
- European Sustainability Reporting Standards
- EU
- European Union
- EV
- electric vehicle
- FDI
- foreign direct investment
- GAFI
- [Egypt’s] General Authority for Investment and Free Zones
- GDR
- German Democratic Republic
- GDP
- gross domestic product
- GHG
- greenhouse gas
- HEAL
- health, education, administration and literacy
- HHI
- Herfindahl-Hirschman index
- ICT
- information and communications technology
- IEA
- International Energy Agency
- IMF
- International Monetary Fund
- IPA
- investment promotion agency
- IRA
- Inflation Reduction Act
- ISCO
- International Standard Classification of Occupations
- ISO
- International Organization for Standardization
- ISSB
- International Sustainability Standards Board
- IT
- information technology
- LiTS
- Life in Transition Survey
- NDCs
- nationally determined contributions
- NPLs
- non-performing loans
- NUTS
- Nomenclature of Territorial Units for Statistics
- NWFE
- [Egypt’s] Nexus of Water, Food and Energy
- OECD
- Organisation for Economic Co-operation and Development
- PISA
- Programme for International Student Assessment
- PPP
- purchasing power parity
- PV
- photovoltaic
- R&D
- research and development
- S&P
- Standard & Poors
- SEE
- south-eastern Europe
- SEC
- Securities and Exchange Commission [US]
- SEMED
- southern and eastern Mediterranean
- SMEs
- small and medium-sized enterprises
- STEG
- Société Tunisienne de l’Electricité et du Gaz
- STEM
- science, technology, engineering and mathematics
- UN
- United Nations
- UNHCR
- United Nations High Commissioner for Refugees
- USGS
- US Geological Survey
- USPTO
- US Patent and Trademark Office
- WEF
- World Economic Forum
- WHO
- World Health Organization
- WIOD
- World Input-Output Database
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
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: Beata Javorcik
Last updated on 15 November 2023