Economic development strategies in eastern european countries and their impact on sustainable growth

Abstract

The aim of this study was to analyse the economic development strategies of Poland, Romania, Bulgaria, Hungary, Georgia, and Ukraine, and to determine which of these most effectively promote sustainable economic growth.

The methodology employed consisted of qualitative and comparative analysis of the economic strategies implemented by these countries. The study of the impact of such strategies on sustainable growth, including the assessment of economic, social, and environmental dimensions, has become a significant area of academic interest.

It was found that the success of economic development in Eastern European countries has largely depended on their integration into global economic structures such as the European Union, as well as on effective attraction of foreign investment and the utilisation of international funds. The implementation of market reforms and the creation of a favourable business climate – as exemplified by Poland’s GDP growth of 3.1% in 2023 – have played a key role in economic recovery and improving living standards.

At the same time, the study revealed that corruption and political instability remain serious barriers to sustainable development in several countries, including Ukraine (ranked 132nd in the Corruption Perceptions Index) and Bulgaria (72nd). Despite economic reforms, these countries continue to suffer from weak institutions and ineffective governance, which hinder long-term growth. Moreover, achieving sustainable development requires more decisive action in environmental protection and social policy, in line with the EU’s goal of reducing carbon emissions by 55% by 2030.

The study concludes that further reforms and the strengthening of state institutions are essential to ensure sustainable growth in the region. The practical value of this research lies in identifying the most effective economic development strategies that can form the basis for shaping sustainable growth policies in transition economies.