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International Monetary Fund
This paper reviews economic developments in Romania during 1990–97. Reforms have been relatively slow since the beginning of the transition process. Except for a brief and inconsequential interlude in 1993, comprehensive programs for privatization and for restructuring or liquidation of loss-making enterprises were not launched until 1995. These programs have done little to improve governance so far. As of end-1996, the economy was still largely characterized by state ownership and control; by fixed prices and quantitative constraints; and by ailing enterprises and subsidization of losses.
Mr. R. B. Johnston, Mrs. Piroska M Nagy, Mr. Roy Pepper, Mr. Mauro Mecagni, Ms. Ratna Sahay, Mr. Mario I. Bléjer, and Mr. Richard J Hides

Abstract

This study reviews Albania's historical and political background, as well as economic developments in 1991. It describes the centrally planned economic system up to the onset of reform and analyzes economic performance in the 1980s.