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Describe the main economic problem which may arise in transition economies
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-Ankita Shah Economics Essay Question a) Describe the main economic problem which may arise in transition economies The Eastern European countries like The Soviet Union, Poland, Ukraine etc. were command economies throughout the 1940s and the 1950s; however during the 1990s these economies started transforming themselves into market-oriented economies. These countries while they were in a process of transition were known as transition economies. This transition created a lot of problems for the people living in these nations and also for the government itself. The first immediate problem that the economy faced when it started the transition was a sharp fall in its GDP because of the reduction in the output. The average fall of all the countries was about 30%. For example the GDP of Albania was about 1.0 in 1976-85; it fell to about -10.8 by 1991. This can be seen form Table 44.1. Russia has seen its output fall to...
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