Executive summary

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Transition is being driven increasingly by competitive markets rather than by governments, particularly in the financial sector and in the mobile phone market.

Strong economic growth has been maintained and is forecast to reach 6.2 per cent in 2006. It is being generated primarily by domestic consumption although countries rich in natural resources are also benefiting from high energy and commodity prices.

Financial markets have grown in size and complexity, and the performance of banks is improving. However, due to failings in the legal framework, financial markets are less developed than in other countries with comparable income.

Foreign banks are more efficient than domestic banks and their presence can accelerate financial sector development. However, this is not a substitute for institutional reform.

Banks continue to dominate the financial sector. However, stock markets, bond markets and a small private equity industry are becoming important elements of the financial system.

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