Globalization and Catching-Up : From Recession to Growth in Transition Economies

The transitional recession in Eastern Europe and the former Soviet Union has lasted much longer than expected. It has been the result of both the legacy of the past and policy mistakes. Due to structural reforms and gradual institution-building, the postsocialist economies have started to recover, and some leading countries have been able to build up a certain amount of momentum towards fast growth. There is a possibility that, within the wider context of globalization, several of these emerging market economies will be able in a matter of one or two generations to catch up with the more advanced industrial countries