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English definition of “transition economy”

transition economy

noun [C] (also transitional economy)     ECONOMICS
an economy that is changing from being one under government control to being a market economy (= one in which companies are not controlled by the government): Export volume growth has been strongest in the transition economies and Latin America, at 10% and 6.5% respectively. Foreign direct investment is vitally important for all developing and transition economies.
(Definition of transition economy noun from the Cambridge Business English Dictionary © Cambridge University Press)
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