Assessment and recommendations I. Recent trends and prospects -The spring 1997 exchange rate crisis -Economic developments since the crisis -The short-term outlook II. Macroeconomic policies -Monetary management -The fiscal stance III. Pursuing the transition effort -Privatisation and the resulting ownership structure -Enterprise restructuring and the role of the financial sector -Encouraging more rapid changes -Summing up IV. Implementing the OECD Jobs Strategy -Labour market and employment performance -Policy requirements -Recent policy actions -Assessment and scope for further action Glossary Bibliography Annex -Chronology of main economic events Statistical annex and structural indicators