The macroeconomic environment for transition

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Most transition countries enjoyed strong economic growth in 2003–04, reflecting the positive international trading environment and rising prices for commodity exporters. A rapid expansion in domestic credit in many countries has strengthened local banking and boosted consumption and investment, although it has also raised concerns about the quality of rapidly expanding loan portfolios. Continued growth has helped to improve government finances in some countries and to underpin reforms of fiscal rules and institutions. Net foreign direct investment (FDI) declined sharply in 2003 but should recover during 2004.

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