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Moldova: The diaspora of Europe’s poorest Country keeps its economy afloat

Back in 1998, Russia has been Moldova's largest trading partner, accounting for 60 percent of exports in the nation that borders Romania from the west and Ukraine in the east.

Two years that ratio was reversed, with all two-thirds of exports out of Moldova heading rather to the European Union, where the country signed an association agreement in 2014. Only 10 percent of total exports currently go to Russia.

Moldova remains Europe’s poorest country in economic conditions, with between 1.2 million and 2 million – one-third of their population – now working and living overseas. The money they send back frees up the country’s economy and supports families with small prospects in the home.

“Our people, our immigrants, a lot of them are present in the European Union western nations,” explained Veaceslav Ionita, an economics specialist at IDIS Viitorul Insitute.

“We’ve immigrants in Russia but it’s more bad folks, from rural areas, since it is simpler to visit Russia, and generally for a short term. They visit Europe for the very long run.”

Remittances, Ionita clarified, are far more to Moldova compared to exports.

Small surprise, then, that if you ask people in Moldova in which the future of the kids lie it’s beyond the country, in which they could make money and also have chances they lack in your home.

Sandu was conquered by Dodon in 2016 however on November 1 won the first round of this election thanks, in part, to a massive turnout from the Moldovan diaspora. The election on Sunday will be shut, but if the diaspora turns out in large numbers again, Sandu stands a very real prospect of success.

In addition to strengthening connections with the EU Sandu has vowed to fight corruption, and especially hot topics in Moldova as far as $1 billion has been stolen out of Moldovan banks in 2014 and 2015, and high-profile political figures implicated in the fraud.

Nobody was convicted for the thieving and as of 2020 none of this money has been recovered.

It recently opened a new data center in Chisinau, the capital, that summarizes how the EU excels in agriculture, cultural heritage, civil society, also insignificant reforms like combating corruption and ensuring that the rule of law.

“Democratic criteria, such as criteria for the democratic process, are still a significant part of the values on which we agreed in our Association Agreement,” explained Peter Michalko, EU Ambassador to Moldova.