The contribution of the "new economy" to economic growth in developing countries has been minimal when viewed from a macroeconomic perspective. Despite the recent 'new economy' hype, the paper argues that the "old economy" will for long be the fundamental force behind economic growth in...

We discuss past performance and future challenges for the countries of Central and Eastern Europe (CEE). We highlight the successful convergence process of those countries, not least thanks to their integration into European and global value chains. As the external environment changes, so...