WSEAS Transactions on Business and Economics
Print ISSN: 1109-9526, E-ISSN: 2224-2899
Volume 13, 2016
Macroeconomic Indicators within Economic Transition in ECC Countries
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Abstract: The present article discusses some of crucial macroeconomic indicators within economic transition in Central and Eastern European countries (CEE), which started the process of transition in 1989, with the fall of the Berlin Wall. We compare five CEE countries (Slovenia, Slovakia, Czech Republic, Hungary and Poland), in order to analyse their economic transition’s outcomes regarding seven crucial macroeconomic indicators: real gross domestic product (GDP), gross domestic product growth, gross domestic product per capita (GDP p.c.), foreign direct investments (FDI), unemployment rate, inflation rate and global competitiveness index (GCI). The aim of the article is to analyse (un)successfulness of economic transition, based on two contradictory approaches these countries have chosen to undergone, i.e. shock therapy and gradualism, while also its possible causal link with transition approach and transition outcomes.
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Keywords: Transition, Slovenia, Slovakia, Poland, Czech Republic, Hungary, Gradualism, Shock Therapy
Pages: 355-371
WSEAS Transactions on Business and Economics, ISSN / E-ISSN: 1109-9526 / 2224-2899, Volume 13, 2016, Art. #33