REVISITING THE DETERMINANTS OF THE COUNTRIES’ ECONOMIC TRANSFORMATION

In this paper, the Economic Complexity Index (ECI) is considered in the context of the country's economy complexity increasing the chances for its successful economic development. The ECI evaluates how developed the country is, taking into account the presence of many and different sectors of the economy, and enables to compare more than 120 countries for almost 50 years, including large group of developing countries, which are often excluded from the databases. In the research, the indicator characterizing the degree of transformations is the Bertelsmann Foundation's Transformation Index (BTI) for the state of political and economic transformation (this indicator is calculated only for countries without the established democracies) is also used with the aim to find spatial autocorrelation between the mentioned indices. Thus, according to the results of the research among 102 countries of the world, which still do not have the established democracies, according to the calculations performed, have the biggest chances for diversifying their own economies, and, consequently, the successful development, the following can be noted: United Arab Emirates, Czech Republic, Estonia, Croatia, South Korea, Lithuania, Latvia, Poland, Singapore, Slovenia, Uruguay. Also, according to the study results, the connection between the components of the political and economic transformation and economies' complexity is confirmed, which enabled to defined such determining characteristics of economic transformation for the country as the level of the Socio-economic Development, the Welfare Regime, the Sustainability. At the same time, it is proved that the political transformation has significantly less effect on the success of development than economic one.