The "New Economy" and Economic Growth
of Postsocialist Countries.


The ‘new economy’, based mostly on the new information and communication technologies (ICT) offers for transition economies a great potential for faster long-term economic growth and catching-up with developed countries.

However, this great potential of the technological revolution can not be realized without a developed institutional and economic infrastructure as well as the appropriate policies. This is particularly true for the postsocialist countries where the process of institution building of the market economy after more than a decade of transformation from a command economy is still far from being concluded. Like the technological revolution, the postsocialist institutional revolution is not over.