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The Visegrad countries are enjoying solid economic growth driven by vibrant new private sectors. To make a successful transition to a market economy, however, they will need to push ahead with financial, legal, and regulatory reforms . THE FOUR Visegrad countries—the Czech and Slovak Republics, Hungary, and Poland—have made the development of a strong private sector an essential component of their strategies for achieving sustainable economic growth. To varying degrees, they have privatized state enterprises, broadened and deepened financial markets, and

Ms. Katrin Elborgh-Woytek and Mr. Julian Berengaut

.7 93.6 97.4 100.4 101.9 Baltic countries Estonia 102.3 100.0 92.1 72.2 66.2 65.2 68.1 71.2 78.7 82.7 82.7 89.1 94.8 101.6 106.8 Latvia 102.3 100.0 87.4 59.3 52.6 53.7 53.2 55.3 59.8 62.7 64.7 69.2 74.7 79.5 85.5 Lithuania 94.8 100.0 94.3 74.2 62.2 56.1 58.0 60.7 64.9 69.7 68.5 71.2 75.7 80.8 88.1 Visegrad countries Czech Republic 100.0 97.6 86.2 85.8 85.9 87.8 93.0 97.0 96.2 95.2 95.7 98.8 101.4 102

Mr. Ernesto Hernández-Catá

to Table 2a . The coefficients of regional variables shown in columns (D) through (F) are calculated as averages of coefficients for the relevant individual country dummies. T statistics are shown in brackets. Regional dummy variables were included for the countries of the former Soviet Union and the Baltic region, for the Visegrad countries (Poland. Hungary, and the Czech and Slovak Republics), for the former Yugoslav Republics (Slovenia, Croatia, and Macedonia FYR), and for the other countries of Eastern Europe (Bulgaria, Rumania, and Albania). The FSU

Mr. Julian Berengaut and Ms. Katrin Elborgh-Woytek

of institutional quality, presents the model and the estimates of its parameters. Section V summarizes and offers conclusions. II. R elative O utput P erformance in the T ransition P rocess Our sample of 25 transition countries consists of four different groups of economies: the Visegrad countries (the Czech Republic, Hungary, Poland, and the Slovak Republic); the countries of the Balkan region (Albania, Bulgaria, Croatia, the former Yugoslav Republic of Macedonia, Romania, and Slovenia); 6 the Baltic countries (Estonia, Latvia, and Lithuania); and

Camilla Andersen

. An important caveat remains, however: When it comes to deciding on adoption of the euro, countries need to participate in ERM2 for a period of at least two years prior to the convergence assessment without severe tensions, in particular, without devaluing against the euro. Fiscal deficits matter for growth The World Bank’s Bokros focused his remarks on what the new member states must do “to put their house in order” before joining ERM2. Currently, patterns of economic growth in the Baltic countries (Estonia, Latvia, and Lithuania) and the Visegrad countries

Mr. Julian Berengaut and Ms. Katrin Elborgh-Woytek

more than 60 percent in Georgia, Moldova, and Ukraine. With few exceptions (Moldova, Turkmenistan, and Ukraine), economies recorded their lowest real output within the first five years of the transition. Conflicts, poor institutions take toll For analytical purposes, the economies of Central and Eastern Europe and the former Soviet Union can be divided into four subgroupings: the Visegrad countries—an informal grouping of the Czech Republic, Hungary, Poland, and the Slovak Republic, set up in 1991; the Balkan region; the Baltic region; and the Commonwealth of