ECONOMIC BRIEFS

IMF sees window for top technology

According to the International Monetary Fund (IMF), the former Communist countries of central and eastern Europe (CEE) and Russia exhibit significant economic strength, especially in human capital. The IMF predicts an increasing opportunity for businesses to expand services and allow for the speedy introduction of the highest quality technologies. This is taken as a guarantee that economic growth in these countries could be as dynamic and successful as in East Asian countries. The period of transformation from a controlled economy to the free market has been characterized by slow growth, which should speed up to four percent next year.

The main insufficiency currently existing in CEE countries is, the IMF said, the weak banking system, compounded by a quickly aging and slowly growing population. IMF experts advise holding down public spending, controlling budget deficits and undertaking job market reforms.

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