Moldova is one of the poorest countriesin Europe. It is landlocked, bounded by Ukraine on the eastand Romania on the west. Like many other former SovietRepublics, Moldova has experienced economic difficulties.Since its economy was highly dependent on the rest of theSoviet Union for energy and raw materials, the breakdown intrade following the breakup of the Soviet Union had severeimpacts, exacerbated by drought and civil conflict. Moldovahas made progress in economic reform since independence. TheGovernment liberalized most prices, phased out subsidies,and privatized housing, government enterprises, agriculturalstate land, and other state-owned assets. However, as ofearly 2010, Moldova's economy has been in recession.The main sources of growth in previous years, remittances,imports, and foreign investment, were undermined by theglobal crisis, resulting in weaker domestic and externaldemand, fiscal imbalances, limited financial intermediation,and an increase in the level of poverty.
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