Three key factors govern the progress of central Europe: the unbundling of a cumbersome and inefficient state-enterprise system, the bringing to market of privatized companies and the endowment of that market with a sufficient degree of transparency and liquidity to attract western capital.
Nearly half of the new democracies can each boast a private sector which accounts for more than 50% of GDP. Some countries have mapped out highly ambitious privatization plans. Hungary, for example, wants to boost the level of privately-owned enterprise to 75% of GDP from a present 56% within the next two years.
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