When the collapse of the Soviet Union what happened to many of the economies in Eastern Europe?

The collapse of the Soviet Union in 1991 led to significant economic turmoil in many Eastern European countries, which transitioned from centrally planned economies to market-oriented systems. This shift often resulted in hyperinflation, high unemployment, and a decrease in living standards as industries restructured and privatization took place. Many countries faced challenges such as political instability and social unrest while trying to implement reforms. However, over time, some nations successfully integrated into the European Union and experienced economic growth.