During this stage, the distribution process tends to be non-transparent and, in a seller’s market, at below-market interest rates. •  As the economic transformation process evolves, governments seek to promote a third stage – that is the development of a rudimentary equities market.
Lowering barriers to entry will increase competition, particularly in those domestic service sectors that are sheltered from international competition, and thus support price stability. Economic growth led by the private sector needs to be fostered by a stable and business-friendly policy environment.