Meaning of “transition economy” in the English Dictionary

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"transition economy" in Business English

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transition economynoun [ C ]

also transitional economy uk us 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” from the Cambridge Business English Dictionary © Cambridge University Press)