Afterter the collapse of the Eastern Bloc in 1989 Czechoslovakia decided to integrate its economy with the world by implementing free market mechanism on January, 1, 1991, but in 1993, the country was divided into two independent countries, namely the Czech and Slovak Republics. This paper has intended to investigate economic performances of these two countries during the transition period (1991-1995). This paper concluded that although economic reforms were successfully implemented these countries witnessed hard times during the transition period.
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