The European Bank for Reconstruction and Development (EBRD).
In this year’s Transition Report, we discuss the challenge of sustaining economic growth in the EBRD’s countries of operations. This challenge is threefold. First, while the countries of the EBRD region enjoyed strong growth and convergence with their richer neighbours prior to the global financial crisis of 2008-09, since the crisis their growth rates have consistently been lower than those of similar emerging markets elsewhere in the world. Second, many of those countries have now reached middle-income status and have to overcome the problem of the “middle-income trap”. And lastly, in order to ensure that growth is sustainable in the long run, those countries need to develop environmentally friendly growth models.