History’s choke-hold: realities and economic development options of the small post-socialist economies
Transition Economies: Transformation, Development, and Society in Eastern Europe and the Former Soviet Union (Routledge, 2018).
25 Pages Posted: 10 Mar 2023 Last revised: 12 Apr 2023
Date Written: March 6, 2023
This paper is a comprehensive exploration of the macroeconomic trends across the post-socialist economies of Central and Eastern Europe and Former Soviet Union (CEE and FSU) between 2018 and 2023. The situation is dynamic, ushering a fundamental change in economic paradigm in the region, calling for re-assessment of the post-socialist economic development models that have been evolving over the past three decades. The small CEE and FSU economies’ policy framework is defined by the accumulation of directly impacting regional and global political risks, accompanied by the latest transformation of the macroeconomic foundations, rising internal social and economic underdevelopment, global value chains repositioning, as well as acute pressures in the capital and foreign exchange markets. As a result, this paper advances and further explores several probable macroeconomic scenarios that may play out in the smallest CEE and FSU economies. These scenarios are relevant for research in economic development and are urgent for policy decision-making, while region’s history continues to remind of itself. This paper builds upon and adds an updated discussion to the material found in the earlier published Transition Economies: Transformation, Development, and Society in Eastern Europe and the Former Soviet Union (Routledge, 2018).
Keywords: economic crisis, economic development, CEE, FSU, post-socialist economies, small economies, transition economies
JEL Classification: O1, O5, P1, P2, P3, P4
Suggested Citation: Suggested Citation