chapter  1
28 Pages

Transformational recession: impact on the old state sector

ByJAN WINIECKI

The major fall of output in early transition from communist centrally planned to capitalist market economy became an issue very early in the transition process. The Polish economy, that began its transition program the earliest, that is on January 1, 1990, registered what at that time looked like a shockingly large output decline. Thus, industrial output fell by about 25 percent and GDP by 12 percent in 1990. It fell some more next year.