Resource information
Moldova is one of the poorest countries
in Europe. It is landlocked, bounded by Ukraine on the east
and Romania on the west. Like many other former Soviet
Republics, Moldova has experienced economic difficulties.
Since its economy was highly dependent on the rest of the
Soviet Union for energy and raw materials, the breakdown in
trade following the breakup of the Soviet Union had severe
impacts, exacerbated by drought and civil conflict. Moldova
has made progress in economic reform since independence. The
Government liberalized most prices, phased out subsidies,
and privatized housing, government enterprises, agricultural
state land, and other state-owned assets. However, as of
early 2010, Moldova's economy has been in recession.
The main sources of growth in previous years, remittances,
imports, and foreign investment, were undermined by the
global crisis, resulting in weaker domestic and external
demand, fiscal imbalances, limited financial intermediation,
and an increase in the level of poverty.
