News for Thur. 02 May & Fri. 03
May 2002
UN
Report: Strong Economic Growth in Former Soviet Bloc
VOA News 4
May 2002 00:04 UTC
 
A United Nations
report says former East European Communist countries are showing signs of
strong economic growth after years of lagging behind.
The U.N. Economic
Commission for Europe, which published the report Friday, says the gross
domestic product (GDP) for nearly all of the 27 former Communist countries rose
last year. The report says collective GDP was up by five percent, making the
region one of the fastest growing in the world.
The report (called
the Economic Survey of Europe) said the key to the surge is the buoyant growth
in the former Soviet republics, where a strong recovery continued for the third
straight year. Russia's economy grew six-point-five percent last year, and most
other former Soviet republics improved their economies.
The report noted,
however, a slowdown in the growth rate in Hungary and Slovenia, and that Poland
has had it share of difficulties.
The report also said
market-oriented reforms that began more than a decade ago in the area are
paying off.
A U.N. economist said
the reforms are making these countries more efficient and productive, and that
governments are responding better to market signals. The economist praised
these countries for making a difficult transition after suffering many economic
hardships.
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