Instructions for action: Hungary’s reforms (Part 4)

In 1987, in Hungary, a two-level banking system with an autonomous central bank and commercial banks that were able to compete was introduced. In 1988, modern taxation was introduced, including income tax and value added tax. In 1995, direct foreign investment amounted to 4.5 billion dollars. However, in 2008, the state budget deficit increased to 8%, ... Більше ...

Instructions for action: Estonia’s reforms (Part 3)

In Estonia, inflation was over 1000% in 1992, and production fell by as much as 45%. Due to lack of fuel a plan for evacuation of urban residents to the countryside was developed. However, in 1995, inflation dropped to 29%, and in 2006, the country’s economic growth was 12%. The standard of living exceeded the average in ... Більше ...

Instructions for action: Bulgaria’s reforms (Part 2)

In 1997, a salary in Bulgaria was 10 dollars, and a pension was 2 dollars, and the country literally flooded the wave of organized crime. However, in 10-11 years Bulgaria has completely changed. Gross domestic debt declined from 112% to 17%, salaries increased to 500 dollars, and pensions – up to 250 dollars, reports “Investor”. ... Більше ...

Instructions for action: Slovakia’s reforms (Part 1)

In the early 1990s, Slovakia was a corrupted and extremely poor country. In 1994, it was denied entry to the Organization for Economic Cooperation and Development and the European Union. However, in 2002, it became the European leader of reforms and the “economic tiger of Eastern Europe”, reports “Investor”. ... Більше ...