GROWTH, CATCHING-UP AND GLOBALISATION

Despite the impressive volume of the specialised literature and of the finely elaborated econometric models, a straight answer cannot be given to questions such as what are the triggers of economic growth, why some countries manage to "grow" faster than other countries or whether catching up is possible and under what conditions. The international experience shows that the fast economic development aimed at catching up depends on numerous premises, among which the reformed institutional and legislative framework, the sable macroeconomic environment; the determined political perspective. But, there are no universal recipes for economic development. At the some time, economic miracles in modern history are quite rare, they can be explained afterwards, but they cannot be reproduced. Plus, catching-up is a long-term process, all the economic mechanisms having a natural development speed. Today it is clear that some progress can be fast, while some other progresses such as the in-depth reorganisation and institutional change take time. In conclusion, the catching-up process is a difficult one, the chances for success are hard to estimate, but experience must be internalised.