Sector-level transition indicators
Table S.1 shows the transition scores for 16 sectors in all of the countries where the EBRD works. The methodology is broadly unchanged from previous years (see Chapter 1 of the Transition Report 2010 for a detailed explanation), but some adjustments have been made in the capital markets sector.1
TABLE S.1
Sector-level transition indicators 2014: overall scores
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Agribusiness General industry Real estate ICT Central Europe and the Baltic states Croatia 3 3+ 3+ 4 Estonia 3+ 4+ 4+ 4 Hungary 4 4- 4- 4- Latvia 3 4- 4- 3+ Lithuania 3+ 4 4- 4- Poland 3+ 4- 4- 4 Slovak Republic 3+ 4+ 4 4- Slovenia 4- 3+ 4 3+ South-eastern Europe Albania 3- 2+ 3- 3+ Bosnia and Herzegovina 3- 2 2- 2+ Bulgaria 3 3+ 3+ 4- Cyprus 3- 4+ 3 4- FYR Macedonia 3- 3 3- 4- Kosovo 2+ 2- 2- 2+ Montenegro 2+ 2+ 2+ 3+ Romania 3 3+ 3+ 3+ Serbia 3- 3- 3- 3 Turkey 3- 3 3+ 3+ Eastern Europe and the Caucasus Armenia 3- 3 3- 3 Azerbaijan 2+ 2 2 2- Belarus 2+ 2 2 2 Georgia 3- 3- 3- 3- Moldova 3- 2- 2+ 3 Ukraine 3- 2+ 3- 3- Russia 3- 3- 3- 3+ Central Asia Kazakhstan 3- 2 3 3 Kyrgyz Republic 2+ 2 2+ 3 Mongolia 3- 2+ 2 3 Tajikistan 2 2- 2- 2+ Turkmenistan 1 1 1 2- Uzbekistan 2 1 2 2 Southern and eastern Mediterranean Egypt 2 2 2+ 3 Jordan 2 2+ 3- 3+ Morocco 2+ 3- 3- 3+ Tunisia 3- 3+ 3- 3 -
Natural resources Sustainable energy Electric power Central Europe and the Baltic states Croatia 4- 3- 3 Estonia 4 3- 4+↑ Hungary 4- 3 3↓ Latvia 4- 3+ 3+ Lithuania 4- 3+ 3+ Poland 3 3 3+ Slovak Republic 4- 3 4 Slovenia 3+ 3+ 3 South-eastern Europe Albania 3- 3+ 2+ Bosnia and Herzegovina 2 2 2+ Bulgaria 3+ 3- 3 Cyprus 3- 3- 3 FYR Macedonia 2+ 2+ 3 Kosovo 2 2- 2+ Montenegro 3+ 2 2+ Romania 4- 3+ 3+ Serbia 2 2+ 2+ Turkey 3+ 3 3+ Eastern Europe and the Caucasus Armenia 2+ 3- 3+ Azerbaijan 2+ 2+ 2+ Belarus 1 2 1 Georgia 2 3- 3+ Moldova 3 2+ 3 Ukraine 2- 2+ 3 Russia 2 2 3+ Central Asia Kazakhstan 2- 2- 3 Kyrgyz Republic 2- 2 2+ Mongolia 2 2 2+ Tajikistan 1 2+ 2 Turkmenistan 1 1 1 Uzbekistan 1 2- 2+ Southern and eastern Mediterranean Egypt 1 2+ 2+ Jordan 2+ 2+ 3 Morocco 2- 3 2 Tunisia 2 3- 2 -
Water and wastewater Urban transport Roads Railways Central Europe and the Baltic states Croatia 3+ 3+ 3+ 3- Estonia 4 3+ 3 4 Hungary 3+↓ 3+ 4- 3+ Latvia 3+ 4- 3 4- Lithuania 3+ 4- 3 3 Poland 4- 4- 4- 4- Slovak Republic 3+ 3+ 3+↑ 3+ Slovenia 3+ 3+ 3 3 South-eastern Europe Albania 2+ 3- 3- 2 Bosnia and Herzegovina 2 2+ 3 3+ Bulgaria 3 3+ 3- 3+ Cyprus 3+ 3+ 3 Not applicable FYR Macedonia 2+ 3- 3- 3- Kosovo 2+ 2+ 2+ 3- Montenegro 2 3 2+ 2+ Romania 4- 3+ 3 3+ Serbia 2+ 3- 3- 3 Turkey 3- 3 3- 3- Eastern Europe and the Caucasus Armenia 3- 2+ 3- 2+ Azerbaijan 2- 2 2+ 2+ Belarus 2- 2 2 1 Georgia 2 2+ 2+ 3 Moldova 2 3↑ 3↑ 2 Ukraine 2+ 3- 3- 2+ Russia 3 3 3- 4- Central Asia Kazakhstan 2+ 2+ 3- 3 Kyrgyz Republic 2 2 2- 1 Mongolia 2 2 2- 3- Tajikistan 2 2 2- 1 Turkmenistan 1 1 1 1 Uzbekistan 2- 2 1 3- Southern and eastern Mediterranean Egypt 1 2 2+ 2- Jordan 2- 2+ 3- 2 Morocco 2+ 3 3- 2 Tunisia 2 2+ 2+ 2+ -
Banking Insurance and other financial services MSME finance Private equity Capital markets Central Europe and the Baltic states Croatia 3+ 3+ 3- 2+↓ 3+ Estonia 4- 3+ 3+ 3-↓ 3 Hungary 3↓ 3 3 3 3+ Latvia 3+ 3+ 3 2+↓ 3+ Lithuania 3+ 3+ 3 2+ 3 Poland 4- 3+ 3 3+ 4-↓ Slovak Republic 4- 3+ 4- 2+ 3 Slovenia 3 3+ 3- 3- 3+ South-eastern Europe Albania 3- 2 3-↑ 1 2- Bosnia and Herzegovina 3- 2+ 2+ 2- 2 Bulgaria 3 3+ 3 3- 3- Cyprus 3- Not available Not available Not available 3+ FYR Macedonia 3- 3- 3 1 2- Kosovo 2+ 2 3-↑ 1 1 Montenegro 3- 2+ 3↑ 1 2 Romania 3 3+ 3 3- 3- Serbia 3- 3 3 2↑ 2 Turkey 3+ 3 3↑ 3- 4 Eastern Europe and the Caucasus Armenia 2+ 2 2+ 1 2 Azerbaijan 2 2 2 1 2- Belarus 2 2 2 1 2- Georgia 3- 2 3- 1 2- Moldova 2+ 2+ 2 2- 2 Ukraine 3- 2+ 2+ 2 2↓ Russia 3- 3- 2 2+ 4- Central Asia Kazakhstan 2+↓ 2+ 2 2- 2↓ Kyrgyz Republic 2 2- 2- 1 2- Mongolia 2+ 2 2+ 2- 2-↓ Tajikistan 2 2- 2- 1 1 Turkmenistan 1 2- 1 1 1 Uzbekistan 1 2 1 1 1 Southern and eastern Mediterranean Egypt 2+ 2+ 2- 2 2+ Jordan 3 2+ 2+ 2 2 Morocco 3 3- 2+ 2+ 3 Tunisia 2+ 2+ 2 2- 2+
Source: EBRD.
Note: The transition indicators range from 1 to 4+, with 1 representing little or no change relative to a rigid centrally planned economy and 4+ representing the standards of an industrialised market economy. For a detailed breakdown of each of the areas of reform, see the methodological notes in the online version of this Transition Report (tr.ebrd.com). Upgrades and downgrades are marked by upward and downward arrows respectively. A colour code is used for ease of recognition: green indicates a sector that is at a fairly advanced stage of transition, scoring 3+ or higher. Conversely, dark red denotes sectors where transition has barely advanced and the score is 2 or lower.
There were nine one-notch upgrades this year: electric power (Estonia), urban transport (Moldova), roads (Moldova and the Slovak Republic), MSME finance (Albania, Kosovo, Montenegro and Turkey) and private equity (Serbia). There were 12 downgrades: ICT (Hungary), electric power (Hungary), water and wastewater (Hungary), banking (Hungary and Kazakhstan), private equity (Croatia, Estonia and Latvia) and capital markets (Kazakhstan, Mongolia, Poland and Ukraine). A methodological adjustment in the capital market sector has also led to a number of changes (affecting Bulgaria, Croatia, Jordan, Latvia, Moldova, Montenegro, Morocco, Romania, Serbia and Slovenia), which are not marked as upgrades or downgrades as they do not represent improvements in or the reversal of capital market reforms. Scores for sustainable energy are currently undergoing revision. Please note that not all scores for Cyprus were available at the time of printing, but will be added to the online version of this Transition Report.
Tables S.2 and S.3 show the component ratings for market structure and market-supporting institutions and policies respectively, which together make up the overall sector-level assessment. There have been nine upgrades and 12 downgrades2 – indicated by upward and downward arrows respectively – the reasons for which are outlined in the following sections (see also the “Countries” section of the online Transition Report, at tr.ebrd.com). Changes to inclusion assessments, which have also undergone some methodological adjustments, are presented in Tables S.4 to S.6, as well as being explained in detail in the “Inclusion” section.
TABLE S.2
TABLE S.3
Sector-level transition indicators 2014: market structure
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Agribusiness General industry Real estate ICT Central Europe and the Baltic states Croatia Small Small Medium Small Estonia Small Negligible Negligible Small Hungary Small Small Small Small Latvia Small Negligible Small Small Lithuania Small Negligible Small Small Poland Small Small Small Small Slovak Republic Small Negligible Small Small Slovenia Small Small Negligible Small South-eastern Europe Albania Medium Medium Large Medium Bosnia and Herzegovina Medium Large Large Medium Bulgaria Small Small Medium Small Cyprus Medium Negligble Medium Small FYR Macedonia Medium Medium Large Small Kosovo Medium Medium Large Medium Montenegro Medium Medium Medium Small Romania Small Small Medium Small Serbia Medium Medium Large Medium Turkey Medium Small Small Medium Eastern Europe and the Caucasus Armenia Medium Medium Large Medium Azerbaijan Medium Large Large Large Belarus Large Large Large Medium Georgia Medium Medium Large Medium Moldova Medium Medium Large Medium Ukraine Medium Medium Large Medium Russia Medium Medium Medium Medium Central Asia Kazakhstan Medium Large Medium Medium Kyrgyz Republic Medium Large Large Large Mongolia Medium Large Large Large Tajikistan Medium Large Large Large Turkmenistan Large Large Large Large Uzbekistan Large Large Large Large Southern and eastern Mediterranean Egypt Large Large Medium Medium Jordan Medium Medium Medium Small Morocco Medium Medium Medium Small Tunisia Medium Medium Medium Medium -
Natural resources Sustainable energy Electric power Central Europe and the Baltic states Croatia Small Medium Large Estonia Small Medium Negligible Hungary Small Medium Medium Latvia Medium Medium Medium Lithuania Medium Medium Medium Poland Medium Medium Medium Slovak Republic Small Medium Small Slovenia Small Small Medium South-eastern Europe Albania Medium Small Large Bosnia and Herzegovina Large Large Large Bulgaria Small Large Large Cyprus Medium Medium Large FYR Macedonia Medium Large Medium Kosovo Medium Large Large Montenegro Small Large Large Romania Small Medium Medium Serbia Medium Large Large Turkey Medium Medium Medium Eastern Europe and the Caucasus Armenia Medium Medium Medium Azerbaijan Large Large Large Belarus Large Large Large Georgia Large Medium Medium Moldova Medium Large Medium Ukraine Large Large Large Russia Large Large Medium Central Asia Kazakhstan Large Large Large Kyrgyz Republic Large Large Medium Mongolia Medium Large Large Tajikistan Large Large Large Turkmenistan Large Large Large Uzbekistan Large Large Large Southern and eastern Mediterranean Egypt Large Large Large Jordan Medium Large Medium Morocco Large Medium Large Tunisia Large Large Large -
Water and wastewater Urban transport Roads Railways Central Europe and the Baltic states Croatia Medium Medium Small Medium Estonia Negligible Small Medium Small Hungary Small Medium Small Medium Latvia Small Small Medium Small Lithuania Medium Small Medium Medium Poland Small Small Small Small Slovak Republic Medium Medium Small Small Slovenia Small Small Medium Medium South-eastern Europe Albania Large Medium Medium Large Bosnia and Herzegovina Large Medium Medium Medium Bulgaria Medium Medium Medium Small Cyprus Medium Medium Medium Not applicable FYR Macedonia Large Medium Medium Medium Kosovo Large Medium Medium Medium Montenegro Large Small Medium Medium Romania Small Small Small Small Serbia Large Medium Medium Medium Turkey Large Medium Medium Medium Eastern Europe and the Caucasus Armenia Medium Large Medium Medium Azerbaijan Large Large Medium Medium Belarus Large Large Large Large Georgia Large Large Large Medium Moldova Large Medium Medium Large Ukraine Large Medium Medium Medium Russia Medium Small Medium Small Central Asia Kazakhstan Large Medium Medium Medium Kyrgyz Republic Large Medium Large Large Mongolia Large Large Large Medium Tajikistan Large Large Large Large Turkmenistan Large Large Large Large Uzbekistan Large Large Large Medium Southern and eastern Mediterranean Egypt Large Large Large Large Jordan Large Medium Medium Large Morocco Medium Medium Medium Large Tunisia Large Large Medium Large -
Banking Insurance and other financial services MSME finance Private equity Capital markets Central Europe and the Baltic states Croatia Small Small Medium Medium Medium Estonia Small Small Small Medium Medium Hungary Small Small Medium Medium Medium Latvia Small Small Medium Medium Medium Lithuania Small Small Medium Medium Medium Poland Small Small Medium Small Small Slovak Republic Small Small Medium Medium Medium Slovenia Medium Small Medium Medium Medium South-eastern Europe Albania Medium Large Medium Large Large Bosnia and Herzegovina Medium Medium Medium Large Large Bulgaria Small Small Small Medium Medium Cyprus Medium Small Not available Not available Medium FYR Macedonia Medium Medium Medium Large Large Kosovo Medium Large Medium Large Large Montenegro Medium Medium Medium Large Large Romania Small Small Medium Medium Medium Serbia Medium Medium Medium Medium Large Turkey Medium Medium Small Medium Negligible Eastern Europe and the Caucasus Armenia Large Large Medium Large Large Azerbaijan Large Large Large Large Large Belarus Large Large Large Large Large Georgia Medium Large Medium Large Large Moldova Large Large Large Large Large Ukraine Medium Medium Large Medium Large Russia Medium Medium Large Medium Small Central Asia Kazakhstan Medium Medium Large Large Large Kyrgyz Republic Large Large Large Large Large Mongolia Large Large Medium Large Large Tajikistan Large Large Large Large Large Turkmenistan Large Large Large Large Large Uzbekistan Large Large Large Large Large Southern and eastern Mediterranean Egypt Medium Large Large Large Medium Jordan Small Medium Medium Medium Large Morocco Medium Medium Medium Medium Medium Tunisia Medium Medium Large Medium Medium
Source: EBRD.
Note: “Large” indicates a major transition gap. “Negligible” indicates standards and performance that are typical of advanced industrialised economies. A historical revision taking into account the availability of new data has been conducted for Jordan’s capital market sector. Please also note the correction for Hungary’s railway sector which was previously misreported. In addition, not all gaps for Cyprus were available at the time of printing, but will be added to the online version of this Transition Report.
Sector-level transition indicators 2014: market-supporting institutions
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Agribusiness General industry Real estate ICT Central Europe and the Baltic states Croatia Medium Small Small Small Estonia Medium Negligible Negligible Negligible Hungary Small Small Negligible Small Latvia Medium Small Negligible Negligible Lithuania Medium Small Negligible Negligible Poland Small Small Small Negligible Slovak Republic Small Negligible Negligible Small Slovenia Medium Small Negligible Negligible South-eastern Europe Albania Medium Medium Medium Medium Bosnia and Herzegovina Medium Medium Large Medium Bulgaria Medium Medium Small Small Cyprus Medium Negligble Small Small FYR Macedonia Medium Medium Medium Small Kosovo Large Large Large Medium Montenegro Medium Medium Medium Medium Romania Medium Small Small Small Serbia Medium Medium Medium Medium Turkey Small Medium Medium Small Eastern Europe and the Caucasus Armenia Medium Small Medium Medium Azerbaijan Medium Large Large Large Belarus Medium Large Large Large Georgia Medium Medium Small Small Moldova Medium Large Medium Medium Ukraine Medium Large Medium Medium Russia Medium Medium Medium Medium Central Asia Kazakhstan Medium Large Small Medium Kyrgyz Republic Medium Medium Medium Medium Mongolia Medium Medium Large Medium Tajikistan Large Large Large Large Turkmenistan Large Large Large Large Uzbekistan Large Large Large Large Southern and eastern Mediterranean Egypt Large Medium Large Medium Jordan Large Large Medium Medium Morocco Medium Medium Medium Medium Tunisia Medium Small Medium Medium -
Natural resources Sustainable energy Electric power Central Europe and the Baltic states Croatia Small Medium Medium Estonia Negligible Medium Negligible Hungary Small Small Large Latvia Negligible Small Negligible Lithuania Negligible Small Small Poland Medium Small Negligible Slovak Republic Small Small Small Slovenia Small Small Small South-eastern Europe Albania Medium Medium Medium Bosnia and Herzegovina Large Large Large Bulgaria Medium Small Medium Cyprus Medium Medium Medium FYR Macedonia Medium Medium Medium Kosovo Large Large Large Montenegro Small Medium Medium Romania Small Small Medium Serbia Large Medium Large Turkey Small Medium Medium Eastern Europe and the Caucasus Armenia Medium Medium Medium Azerbaijan Medium Large Large Belarus Large Medium Large Georgia Large Large Medium Moldova Medium Small Large Ukraine Large Small Large Russia Large Medium Medium Central Asia Kazakhstan Large Large Medium Kyrgyz Republic Large Large Large Mongolia Large Medium Large Tajikistan Large Large Large Turkmenistan Large Large Large Uzbekistan Large Large Large Southern and eastern Mediterranean Egypt Large Medium Large Jordan Medium Medium Medium Morocco Large Medium Large Tunisia Large Medium Large -
Water and wastewater Urban transport Roads Railways Central Europe and the Baltic states Croatia Small Small Medium Medium Estonia Small Medium Medium Negligible Hungary Medium Small Negligible Small Latvia Small Small Medium Negligible Lithuania Small Small Medium Small Poland Small Small Small Small Slovak Republic Small Small Medium Medium Slovenia Small Small Medium Small South-eastern Europe Albania Large Large Medium Large Bosnia and Herzegovina Large Large Medium Small Bulgaria Small Small Medium Medium Cyprus Small Small Medium Not applicable FYR Macedonia Large Large Medium Medium Kosovo Medium Large Large Medium Montenegro Large Large Large Medium Romania Small Small Medium Small Serbia Large Large Medium Small Turkey Medium Medium Medium Medium Eastern Europe and the Caucasus Armenia Medium Medium Medium Large Azerbaijan Large Large Medium Large Belarus Large Large Large Large Georgia Large Large Medium Medium Moldova Large Medium Medium Large Ukraine Large Large Medium Large Russia Medium Medium Medium Small Central Asia Kazakhstan Large Large Medium Medium Kyrgyz Republic Large Large Large Large Mongolia Large Large Large Medium Tajikistan Large Large Large Large Turkmenistan Large Large Large Large Uzbekistan Large Large Large Medium Southern and eastern Mediterranean Egypt Large Large Medium Large Jordan Large Large Medium Large Morocco Large Large Medium Medium Tunisia Large Large Large Medium -
Banking Insurance and other financial services MSME finance Private equity Capital markets Central Europe and the Baltic states Croatia Small Small Medium Medium Small Estonia Small Small Small Medium Small Hungary Medium Small Small Small Small Latvia Small Small Small Medium Small Lithuania Small Small Small Medium Small Poland Small Small Small Small Small Slovak Republic Small Small Negligible Small Small Slovenia Medium Small Small Medium Small South-eastern Europe Albania Medium Medium Medium Large Large Bosnia and Herzegovina Medium Medium Medium Large Large Bulgaria Medium Small Medium Small Small Cyprus Medium Not available Medium Not available Small FYR Macedonia Medium Medium Medium Large Large Kosovo Medium Large Large Large Large Montenegro Medium Medium Medium Large Medium Romania Small Small Small Small Small Serbia Medium Small Medium Medium Medium Turkey Small Small Medium Small Small Eastern Europe and the Caucasus Armenia Medium Large Medium Large Medium Azerbaijan Large Medium Large Large Large Belarus Large Large Large Large Large Georgia Medium Medium Medium Large Large Moldova Medium Medium Medium Medium Large Ukraine Medium Medium Medium Large Medium Russia Medium Medium Large Medium Medium Central Asia Kazakhstan Medium Medium Large Medium Medium Kyrgyz Republic Large Large Large Large Large Mongolia Medium Large Large Medium Medium Tajikistan Large Large Large Large Large Turkmenistan Large Large Large Large Large Uzbekistan Large Large Large Large Large Southern and eastern Mediterranean Egypt Medium Medium Large Medium Medium Jordan Medium Medium Large Medium Large Morocco Medium Medium Large Medium Medium Tunisia Large Medium Large Large Medium
Source: EBRD.
Note: “Large” indicates a major transition gap. “Negligible” indicates standards and performance that are typical of advanced industrialised economies. A historical revision taking into account the availability of new data has been conducted for Jordan’s capital market sector. Please also note the correction for Poland’s capital markets sector which was previously misreported. The missing gaps for Cyprus will be added at a later date.