Didn't China (https://www.worldbank.org/en/news/press-release/2022/04/01/l...) and the USSR (https://borgenproject.org/tag/poverty-in-the-former-soviet-u...) do similarly?
Same with USSR/Russia, post-communism.
Life has gotten worse for the average person in Russia in the last 40 years, not better - by almost every measurable metric.
And that's with all the low cost tech they can import - like $20 cell phones and pirated Hollywood movies.
If China is on one end of success, Russia is on the other.
that tends to happen when the government runs resources down to near-zero, forcing the new system to start from scratch.
had the conversion occurred earlier, when the USSR was still a reasonably successful state, I suspect it would have gone nicer.
At least that's what comes up when you mention the problems that these countries have.