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Web of Proceedings - Francis Academic Press
Web of Proceedings - Francis Academic Press

Economic Transformation in Eastern Europe under the Background of International Financial Crisis and Its Enlightenment

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DOI: 10.25236/ecemis.2021.044


Hengyi Lai

Corresponding Author

Hengyi Lai


After getting rid of the economic shocks in the early stage of transition, the economic growth of Eastern European countries in transition has gradually stabilized. Especially after entering the 21st century, most of these countries have achieved sustained and rapid economic growth. The impact and impact of the international financial crisis on eastern European countries is related to the institutional foundation and economic development model formed after the transformation of these countries; Different transition economies are affected differently because of their different ways and comparative advantages in participating in international division of labor. Globalization and Europeanization have created favorable conditions for Eastern European countries to catch up, but the fluctuation of global economy has also brought potential risks to Eastern European countries. Eastern European countries have taken a series of measures to deal with the crisis, but the actual effect is not obvious. International aid is not enough to get Eastern European countries out of the crisis.


International financial crisis, Eastern europe, Economic transition