The Crisis Years

In the transition economies the period from independence through 1994 was identified with crisis in earlier chapters, and those who lived through it will certainly agree. The crisis period was characterized by extreme economic collapse throughout the former Soviet Union. Table V.1) provides annual economic growth figures for the period 1991–1994, and highlights the message of chapter I: while there is variation across countries, every one of the transition economies experienced a significant fall in production that persisted and intensified through this period