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Abstract
For the first time since the late 1980s, recorded output is growing in most countries in transition. In some, such as Albania. Poland, and Slovenia, real GDP has already surged far above its trough. In others, including Armenia, the Baltic countries, Bulgaria, Croatia, the former Yugoslav Republic of Macedonia, Moldova, Mongolia, and Romania, economic recovery materialized later but is becoming more broadly based. At the same time, inflation is under better control in most transition countries, including Ukraine, Belarus, and most countries of central Asia and the Transcaucasus. Output performance continues to be bleaker in Russia, Ukraine, Belarus, and most of the countries of central Asia and the Transcaucasus, with further large declines in real GDP expected in 1995.
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