Abstract
Abstract CESEE countries have achieved substantial progress and their income and living standards have improved significantly since the beginning of transition. Nevertheless, convergence to high-income status is not assured. Strong demographic headwinds ahead and a subdued outlook for capital accumulation reinforce the need for productivity growth to converge to the income levels of advanced European countries. Better governance and institutions hold high promise to deliver the needed productivity growth, by spurring innovation, fostering competition, and retaining and attracting skilled workers.
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