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For the first time since the transformation began, all transition economies recorded GDP growth in the year 2000. Some of the traditional 'losers' grew much faster than the traditional 'winners' of the transition process. The average growth rate in the region more than doubled and the differences in the rates of GDP change narrowed significantly. No currency, current account, or banking crises occurred and all countries managed to accommodate the shock of high oil prices. The highest growth rates were recorded in countries with a very low base, under exceptionally favourable external conditions. Strong growth in the EU contributed to the growth acceleration in most more advanced countries. Expansion of exports and imports did not yet generally reduce trade deficits and current account deficits are still a major problem for some countries, though the inflows of foreign capital have so far made their financing unproblematic. Growing industrial production was almost everywhere combined with some contraction in employment. Labour productivity improved, but rates of unemployment generally increased. The process of disinflation was perturbed by rising world market energy prices and hikes in rates of indirect taxation.

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Leon Podkaminer

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