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Progress in reform during 2003–04 was most pronounced in south-eastern Europe. Elsewhere the pace of transition was uneven. Sustained structural reforms will stimulate growth in the longer term.

The transition countries are expected to grow by 6.1 per cent in 2004, helped by a positive international trade environment. Rapid credit growth is boosting domestic consumption and investment.

In the infrastructure sector, many countries have found it difficult to establish independent, accountable and credible regulatory agencies.

Private sector participation is increasingly taking the form of concessions and management contracts rather than asset sales. Local investors are becoming more important.

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