However, the situation seems to have improved meanwhile. Although it is probably too early for a final assessment, until now the effects on the real economy have been relatively limited, also because trade relations have dramatically changed in the past and their focus is now much more towards the West.
The countries that had made significant strides since the beginning of the 1990s in establishing a well-functioning market economy have weathered the financial storms rather well. This is ample proof that they are on the right track. Their main challenge is therefore to ensure that the ongoing stabilization and reform efforts continue even if, or should I say especially if, external conditions deteriorate further.