Transition economy to the IMF, Iran is in transition to a market economy, demonstrating early stages of a transition economy. The eight first-wave accession countries, which joined the European Union on 1 May 2004 (Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia, Slovenia) and the two second-wave accession countries that joined on 1 January 2007 (Romania and Bulgaria) have completed the transition process. According to the World Bank, "the transition is over" for the 10 countries that joined the EU in 2004 and 2007. It can be also understood as all countries of the Eastern Bloc. "Transition economics" is a special branch
2004 enlargement of the European Union 2004 enlargement of the European Union The 2004 enlargement of the European Union was the largest single expansion of the European Union (EU), in terms of territory, number of states, and population to date; however, it was not the largest in terms of gross domestic product. It occurred on 1 May 2004. The simultaneous accessions concerned the following countries (sometimes referred to as the "A10" countries): Cyprus, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia, and Slovenia. Seven of these were part of the former Eastern Bloc (of which three were from the former Soviet Union and four