This progress is largely attributed to the Doi Moi (or renovation) process, initiated in 1986, which launched a series of economic reforms that transformed the country into one of the fastest growing economies in the world. The country achieved an average annual GDP growth rate of 7% over the past decade, doubling the median income of middle-class households. Poverty headcounts fell from 58% in 1993 to 14.5% in 2008.