01 Apr 2020

30 Years of Economic Transformation in CEE: Key Five Lessons For Belarus

Feedback from the Central and Eastern European countries may be very useful for Belarus at this point. Today, 30 years after the beginning of the economic transformation, the relative welfare level in all the post-socialist countries of Central and Eastern Europe is higher than in the so-called times of socialism. Despite not being a completely homogeneous group, the CEE countries share a common experience of economic transition. Evidently, countries that started reforms earlier and acted consistently and fast achieved the greatest successes. The continuous development of the institutional environment and structural competitiveness has been a key element of the CEE economic transition, ensuring convergence with the Western European economies. Poland was a pioneer of economic transformation that started in 1989, and it achieved one of the best economic and social results among almost 30 post-socialist countries. The institutional component of the Polish economic reforms proved to be of the most long-term nature, both in terms of implementation and effects, still ongoing nowadays.

 

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