chapter  1
Central Eastern Europe, Russia, and the Ukraine: Economic and Socio Demographic
Pages 17

All countries in Central Europe, the Balkans, the Baltics, and in the former Soviet Union face serious challenges in creating the institutions required for effective operation of a competitive market system. Their progress can be assessed by their success with macroeconomic, institutional, and structural reforms and by their ability to privatize state-owned enterprises and reduce constraints on private enterprises. By the end of the twentieth century the Baltic countries, the Czech Republic, Hungary, Poland, and Slovenia reduced their external debt, increased their foreign currency reserves, and reduced their dependence on offi cial aid and loans from the International Monetary Fund (IMF).1