About this report
About this report
The EBRD seeks to foster the transition to an open market-oriented economy and to promote entrepreneurship in the economies where it invests. To perform this task effectively, the Bank needs to analyse and understand the process of transition. The purpose of the Transition Report is to advance this understanding and to share our analysis with partners.
Responsibility for the content of the report is taken by the Office of the Chief Economist. The assessments and views expressed are not necessarily those of the EBRD. All assessments and data in the online country assessments are based on information as of late October 2021.
Terms and conditions
See www.ebrd.com
Disclaimer
The contents of this publication reflect the opinions of individual authors and do not necessarily reflect the views of the EBRD.
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All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, including photocopying and recording, without the written permission of the copyright holder.
Such written permission must also be obtained before any part of this publication is stored in a retrieval system of any nature.
Designed and produced by Blackwood Creative Ltd and the EBRD.
Illustrations: © Blackwood Creative Ltd
Abbreviations: For charts in this Transition Report, the abbreviations used for each economy follow the ISO 3166-1 three-letter economy codes published by the International Organization for Standardization (ISO).
Note: The complex coding required for some of our online charts may limit their ability to display in some browsers and to export successfully.
Note: Terms, names, charts and maps used in this report to refer to geographical or other territories, political and economic groupings and units, do not constitute and should not be construed as constituting an express or implied position, endorsement, acceptance or expression of opinion by the European Bank for Reconstruction and Development or its members concerning the status of any country, territory, grouping and unit, or delimitation of its borders, or sovereignty.
Hyperlinks to non-EBRD websites do not imply any official endorsement of or responsibility for the opinions, ideas, data or products presented at these locations, or guarantee the validity of the information provided. The sole purpose of links to non-EBRD sites is to indicate further information available on related topics.
Acknowledgements
The Transition Report 2021-22 was prepared by the Office of the Chief Economist of the EBRD, with contributions from other EBRD departments and under the general direction of Beata Javorcik.
The editors of the report are Ralph De Haas and Alexander Plekhanov.
Luigi Crucil provided research assistance.
The writing teams for the chapters, boxes and annexes comprised:
Chapter 1
Daniel Diez Alonso, Zsoka Koczan (team leader) and Philipp Paetzold.
Box 1.1 was prepared by Alexander Plekhanov and Shantanu Singh.
Box 1.2 was prepared by Ammar Al-Saleh and Ivan Rossignol.
Box 1.3 was prepared by Milica Delević and Ammar Al-Saleh.
Box 1.4 was prepared by Caroline Galvan.
Box 1.5 was prepared by Julia Anderson, Giorgio Manenti and Philipp Paetzold.
Annex 1.1 was prepared by Paul Moffatt.
Chapter 2
Cevat Giray Aksoy, Jonas Hjort, Beata Javorcik, Banu Demir Pakel, Han Wang and Nathaniel Young (team leader), with contributions from Victoria Marino, Alexander Stepanov and Kirstin Wacker.
Box 2.1 was prepared by Cevat Giray Aksoy, Beata Javorcik and Banu Demir Pakel.
Box 2.2 was prepared by Nathaniel Young.
Box 2.3 was prepared by Lara Gungor, Antonia Maier and Dino Shiatis.
Box 2.4 was prepared by Sebastian Kriticos and Jinrui Liu.
Box 2.5 was prepared by John Seed.
Chapter 3
Joop Adema, Cevat Giray Aksoy and Michelle Brock (team leader).
Box 3.1 was prepared by Joop Adema and Michelle Brock.
Box 3.2 was prepared by Joop Adema and Michelle Brock.
Box 3.3 was prepared by Joop Adema and Cevat Giray Aksoy.
Box 3.4 was prepared by Joop Adema and Cevat Giray Aksoy.
Box 3.5 was prepared by Francesca Dalla Pozza and Marko Stermsek.
Box 3.6 was prepared by Joop Adema and Michelle Brock.
Chapter 4
Cevat Aksoy, Çağatay Bircan (team leader), Ralph De Haas, Victoria Marino and Kirstin Wacker.
Box 4.1 was prepared by Raphael Auer, Sebastian Doerr, Jon Frost and Leonardo Gambacorta.
Box 4.2 was prepared by Elisabeth Beckmann and Antje Hildebrandt.
Box 4.3 was prepared by Cevat Giray Aksoy and Orkun Saka.
Box 4.4 was prepared by Çağatay Bircan, Jacek Kubas and Polyxeni Pentidou.
Chapter 5
Alexander Plekhanov (team co-leader), Borbala Siklos, Rada Tomova (team co-leader), with contributions from Dan Meshulam and Philipp Paetzold.
Box 5.1 was prepared by Florian Lalanne and Rada Tomova.
An early version of the Financial Market Development Index was created in cooperation with Jason Lermyte, Nicola Marinelli, Yannick Naud and Bruno Papadacci of the Université Paris-Dauphine, London Campus, as part of a technical cooperation (TC) project supported by the EBRD Shareholder Special Fund. Borbala Siklos led the TC project, with contributions from Hannes Takacs and Kensuke Yazu.
Structural reform
Umidjon Abdullaev (team leader) and Anna Sali, with contributions from sector and regional economists and analysts.
The online country assessments at tr-ebrd.com were prepared by the regional economists and analysts of the Economics, Policy and Governance Department and edited by Peter Sanfey.
Editorial, multimedia and production guidance for the report was provided by Bianca Beks, Poilin Breathnach, Dermot Doorly, Hannah Fenn, Cathy Goudie, Dan Kelly, Axel Reiserer, Viktorija Quartly, Jonathan Wells, Bryan Whitford and Richard Porter in the EBRD Communications Department, and by Matthew Hart and Helen Valvona. The Transition Report 2021-22 was designed and print-managed by Blackwood Creative Ltd; www.weareblackwood.com.
The report benefited from comments and suggestions from the EBRD Board of Directors and their authorities, the EBRD staff and staff from the European Commission, European Investment Bank, International Monetary Fund and the World Bank Group.
Glossary
- AML/CFT rules
- Rules combating money laundering and the financing of terrorism
- ABC Initiative
- Accelerating Broadband Connectivity Initiative
- AI
- Artificial intelligence
- ATA carnets
- International customs documents that allow temporary entry of goods on a duty-free and tax-free basis
- ATQ scores
- “Assessment of transition qualities” scores
- BCBS
- Basel Committee on Banking Supervision
- BEPS III
- Banking Environment and Performance Survey III
- BIS
- Bank for International Settlements
- CBDCs
- Central bank digital currencies
- CCAF
- Cambridge Centre for Alternative Finance
- CCPs
- Central clearing counterparties
- CCS
- Carbon capture and storage
- CEB
- Central Europe and the Baltic states
- CEO
- Chief executive officer
- CIESEN
- Center for International Earth Science Information Network
- CSDs
- Central securities depositories
- CSDR
- Central Securities Depositories Regulation
- Cyberhygiene
- Includes raising awareness, securely configuring equipment and networks, updating software, not giving unnecessary system privileges or data access rights to staff and users, and traning
- DVP
- Delivery versus payment
- EBRD, the Bank
- European Bank for Reconstruction and Development
- ECN+
- European Competition Network
- EEC
- Eastern Europe and the Caucasus
- EFF
- Electronic Frontier Foundation
- EIB
- European Investment Bank
- EMIR
- European Market Infrastructure Regulation
- ETFs
- Exchange-traded funds
- ETSI
- European Telecommunications Standards Institute
- EU
- European Union
- FCA
- The United Kingdom’s Financial Conduct Authority
- FDI
- Foreign direct investment
- FMDI
- Financial Market Development Index
- GDP
- Gross domestic product
- GMRAs
- General master repurchase agreements
- GPAI
- Global Partnership on Artificial Intelligence
- GRP
- Gross regional product
- GSE
- Georgian State Electrosystem
- GVC
- Global value chain
- ICMA
- International Capital Market Association
- ICSDs
- International central securities depositories
- ICT
- Information and communication technology
- ICT unicorns
- Privately held companies with a valuation in excess of US$ 1 billion
- IFI
- International financial institution
- IFRS
- International Financial Reporting Standards
- ILO
- International Labour Organization
- IMF
- International Monetary Fund
- INDCs
- Intended nationally determined contributions
- INFPO
- Latvia’s Information Society Development Guidelines
- IOSCO
- International Organization of Securities Commissions
- ISDA
- International Swaps and Derivatives Association
- ISIC
- International Standard Industrial Classification
- ISO
- International Organization for Standardization
- ITU
- International Telecommunication Union
- NACE
- Statistical Classification of Economic Activities in the European Union
- NDCs
- Nationally determined contributions
- NPLs
- Non-performing loans
- NUTS 2
- Second level of the Nomenclature of Territorial Units for Statistics
- OECD
- Organisation for Economic Co-operation and Development
- OeNB
- Austrian National Bank, Oesterreichische Nationalbank
- OTC trading
- Over-the-counter trading
- PIAAC
- Programme for the International Assessment of Adult Competencies
- PIN
- Personal identification number
- PPP
- Public-private partnership
- P2P
- Peer to peer
- R&D
- Research and development
- RDD
- Regression discontinuity design
- Repo agreements
- Repurchase agreements
- RTI
- Routine task intensity
- SEE
- South-eastern Europe
- SEMED
- Southern and eastern Mediterranean
- SMEs
- Small and medium-sized enterprises
- TCFD
- The Financial Stability Board’s Task Force on Climate-related Financial Disclosures
- TFP
- Total factor productivity
- UN
- United Nations
- UNCTAD
- United Nations Conference on Trade and Development
- UNESCO
- United Nations Educational, Scientific and Cultural Organization
- UNFCCC
- United Nations Framework Convention on Climate Change
- US GAAP
- Generally Accepted Accounting Principles
- WEF
- World Economic Forum
Country abbreviations
For charts in this Transition Report, the abbreviations used for each economy follow the ISO 3166-1 three-letter economy codes published by the International Organization for Standardization (ISO).
Note: Terms, names, charts and maps used in this report to refer to geographical or other territories, political and economic groupings and units, do not constitute and should not be construed as constituting an express or implied position, endorsement, acceptance or expression of opinion by the European Bank for Reconstruction and Development or its members concerning the status of any country, territory, grouping and unit, or delimitation of its borders, or sovereignty.
Contact us
EBRD website
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Tel: +44 20 7338 6000
Other enquiries
See the Enquiries page
Office of the Chief Economist
Tel: +44 20 7338 6037
Email: economics@ebrd.com
Chief Economist: Beata Javorcik
Last updated on 10 November 2021
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