Alignment of the economic policies of the Republic of Moldova to the best practices of neighboring European states
DOI:
https://doi.org/10.52673/18570461.24.4-75.10Keywords:
economic crises, economic vulnerabilities, Republic of Moldova, sustainable development, European UnionAbstract
The main goal of this paper is to assess the economic vulnerabilities of the Republic of Moldova at the macro level and to formulate policy proposals for sustainable economic development, taking into account the European path of our country and the relevant experience of European countries. Based on a comparative research method, the paper highlights the differences between the policies of the Republic of Moldova and those of neighboring European countries, particularly regarding indicators of economic stability in crisis situations. A great accent is put on analyzing data between the global crisis of 2009 and the COVID-19 pandemic (2020), identifying the economic vulnerabilities of the Republic of Moldova, such as pro-cyclical fiscal policy, low public revenues, a consumption-based economic model, low investments, a shrinking workforce, and exchange rate instability during crises. Additionally, it highlights the differences between the policies of the Republic of Moldova and those of neighboring European countries, such as Poland and Bulgaria, in terms of economic stability indicators during crisis situations. Research demonstrates a strong correlation between the economic growth of Poland and the EU in the pre-accession period. The paper identifies the key areas for sustainable economic development: modernization of the economic structure, counter-cyclical fiscal policy, increasing public revenues, enhancing public services, boosting public investments, developing private pension funds, and promoting financial education. It raises the question, „What should national policies contain?” to ensure sustainable economic development of the Moldovan economy, taking into account the experiences of new EU member states in implementing modern IT systems and digitizing tax administration. If these policies are applied in the first decade following the COVID-19 pandemic, the Republic of Moldova can transition from a consumption-based economic model to a sustainable investment-oriented one.
References
1. Legea nr. 315 pentru aprobarea Strategiei naționale de dezvoltare „Moldova Europeană 2030” din 17.11.2022.
2. Pușcaș, V. Românii în Uniunea Europeană. Editura Școala Ardeleană, 2022. 290 p.
3. Cieślik, A., & Goczek, Ł. Corruption, privatisation and economic growth in post-communist countries. In: Europe-Asia Studies, 70(8), 2018, 1303-1325.
4. Socha, M.W. and Weisberg, J. Labor market transition in Poland: Changes in the public and private sectors. In: International Journal of Manpower, Vol. 23, no. 6, 2002, 553-577, https://doi.org/10.1108/01437720210446405
5. Győrffy, D. Austerity and growth in Central and Eastern Europe: understanding the link through contrasting crisis management in Hungary and Latvia. In: Post-Communist Economies, 27(2), 2015, 129-152, https://doi.org/10.1080/14631377.2015.1026682
6. Plaček, M., Valentinov, V., Ochrana, F., Vacekova, G., Langr, I., & Půček, M. The evolving perceptions of corruption in Czechoslovakia and the Czech Republic. In: Governance, 35(2), 2022, 651-659.
7. Christova-Balkanska, I. Foreign Direct Investments in Bulgaria: Do They Have an Effect on the Economic Development of the Country? In: Икономически изследвания, (1), 2009, 197-213
8. Vojnić, D. European Integration Processes: Where is Croatia. In: Rossiya i SNG v noveyshikh evropeyskikh integratsionnykh protsessakh = Russia and CIS in Recent European Integration Processes : Sb. materialov mezhdunar. nauch. konf., Moskva, 17-18 okt. 2002 g. Moskva : [IMEPI RAN], 2003. 448 s.
9. Glinkina, S.P., The Eastern Enlargement of the European Union: the balance of edvantages and dis edvantages, in: Rossiya i SNG v noveyshikh evropeyskikh integratsionnykh protsessakh = Russia and CIS in Recent European Integration Processes : Sb. materialov mezhdunar. nauch. konf., Moskva, 17-18 okt. 2002 g. Moskva : [IMEPI RAN], 2003. 448 s.
10. Durka, B. Poland’s Preparations to the EU Accession, in: Rossiya i SNG v noveyshikh evropeyskikh integratsionnykh protsessakh = Russia and CIS. In: Recent European Integration Processes: Sb. materialov mezhdunar. nauch. konf., Moskva, 17-18 okt. 2002 g. Moskva: [IMEPI RAN], 2003. 448 s.
11. Teodorovic, I. CEE countriesten years of transition and issues of EU accession. In: Rossiya i SNG v noveyshikh evropeyskikh integratsionnykh protsessakh = Russia and CIS in Recent European Integration Processes: Sb. materialov mezhdunar. nauch. konf., Moskva, 17-18 okt. 2002 g. Moskva : [IMEPI RAN], 2003. 448 s.
12. Partha, D. Economie: o foarte scurtă introducere / trad. din lb. engleză. București: Litera, 2020. 224 p.
13. Diamond, J. Momente decisive: Cum reacționează națiunile în fața crizelor și a schimbării/trad. din lb. engleză. București: Litera, 2020. 480 p.
14. Abhijit, V. Banerjee, Esther, Duflo. Economie utilă pentru vremuri dificile. Soluții optime pentru probleme greu de rezolvat/trad. din lb. engleză. București: Litera, 2021. 494 p.
15. Guillaumont, P. An economic vulnerability index: its design and use for international development policy. Oxford Development Studies, 37(3), 2009, 193-228.
16. Guillaumont, P. The Concept of Structural Economic Vulnerability and Its Relevance for the Identification of the Least Developed Countries and Other Purposes: (nature, Measurement, and Evolution). United Nations, 2011.
17. Agenor, P., Hoffmaister, A. Money, Wages and Inflation in Middle-Income Developing Countries, International Monetary Fund. Working Paper, 97/144, 1997.
18. OECD, Government at a Glance 2021, OECD Publishing, Paris, 2021, doi: https://doi.org/10.1787/1c258f55-en
19. Legea bugetului de stat pentru anul 2022 nr. 205 din 06.12.2021. În: Monitorul Oficial, nr. 315-324 art. 478, din 24.12.2021.
20. Cu privire la aprobarea Cadrului bugetar pe termen mediu (2015–2017). Decizia Comitetului Interministerial pentru Planificare Strategică nr. 2505-06 din 15 iulie 2014.
21. Hotărâre de Guvern „Cu privire la aprobarea Cadrului bugetar pe termen mediu (2018–2020)” nr. 609 din 28.07.2017.
22. Hotărâre de Guvern „Cu privire la aprobarea Cadrului bugetar pe termen mediu (2019–2021)” nr. 851 din 20.08.2018.
23. Hotărâre de Guvern „Cu privire la aprobarea Cadrului bugetar pe termen mediu (2021–2023)” nr. 776 din 28.10.2020.
24. Dumitrasco, M. Evaluation of the Capital Flight from Country-Case of the Republic of Moldova. Economic Insights-Trends & Challenges, 2015, 67(4).
25. Diminuarea activelor oficiale de rezervă, generată de criza energetică și războiul din Ucraina. Guvernatorul BNM, la raport în plenul Parlamentului, [online] https://realitatea.md/bani-md-ce-a-facut-bnm-sa-nu-admita-devalorizarea-leului-cate-mln-a-vandut-de-la-inceperea-razboiului-din-ucraina/ (consultat: 31.03.2022).
26. Von der Leyen, U. (2024). Europe’s choice. Political guidelines for the next European commission, 2029.
27. Brian, K., Patrick, L. OECD insights from crisis to recovery the causes, course and consequences of the great recession: The causes, course and consequences of the great recession. OECD Publishing, 2010.
28. Blyth, M. Austerity: The history of a dangerous idea. Oxford University Press, 2013. 287 p.
29. Guda, I. Economia în vremea coronavirusului: ghid de bune practici pentru antreprenori și politicile publice. București: Publica, 2020. 356 p.
30. Butler-Bowdon, T. 50 de clasici. Economie. Sinteza celor mai importante 50 de cărți despre capitalism, finanțe și economie globală.
31. Moyo, D. Dead aid: Why aid is not working and how there is a better way for Africa. Macmillan, 2009.
Downloads
Published
License
Copyright (c) 2025 Marica Dumitrasco (Author)
This work is licensed under a Creative Commons Attribution 4.0 International License.
