Abstract

Progress with regard to the strategy for adjustment and reform can be assessed both on the basis of policies implemented and outcomes achieved. The experience of SAF/ESAF-supported programs—and the countries that undertook them—is reviewed below from both perspectives. Fiscal policies, inflation, structural reforms, and the degree of openness are examined first, before turning to the outcomes for economic growth and countries’ external positions. Because adjustment in the six transition economies under review began comparatively late (see Box 3 for a synopsis) and historical data are generally lacking for these countries, most of the analysis that follows relates to the nontransition countries.