Economic Development of the Black Sea Riparian Countries during 2004-2012

• Author: Romeo Bosneagu - Florin Sorescu - Rodica Elena Faida
• Position: Associate Professor, PhD, Naval Academy' Mircea cel Batrân', Romania - Senior Lecturer, PhD, Tomis University, Constanta, Romania - Master Student, Spiru Haret University, Bucharest, Romania
• Pages: 244-249

European Integration - Realities and Perspectives 2014

244

Economic Development of the Black Sea Riparian

Countries during 2004-2012

Romeo Bosneagu

1, Florin Sorescu2, Rodica Elena Faida3

Abstract: The Black Sea is politically divided between the European Union, countries aspiring to join the EU

and the Russian Federation. From an economic perspective, the area has a huge potential for development and

is “claimed” by the same political actors. In 1 992, BSEC (Black Sea Economic Cooperation) was formed and

it includes, along with the six riparian countries, eight countries in order to meet th eir economic po wer in

order to achieve regional development. In the p eriod 2004-2012 the economy Black Sea countries

experienced strongly fluctuated, which was strongly connected to the global economy, the inflow of capital in

the region and the influence of the global economic crisis.

Keywords: crisis; riparian countries; population

JEL Classification: E21; E22; E23;

1. Economic Power of the Black Sea Countries

For the Black Sea riparian countries, the past decade has meant a special period politically, socially,

and economically difficult, characterized by a prolonged transition needed to adapt to the new

standards imposed by the Euro-Atlantic integration of Romania and Bulgaria – NATO states since

2004, and European Union members since 2007), and Turkey (NATO member with European

integration aspirations), Ukraine and Georgia who were going through a long process of development

and modernization to ensure conditions for the entry into NATO and the EU. Also, the Russian

Federation was going through a lengthy process of development and adapt to the market economy

laws. The economic power of the countries bordering the Black Sea states, in summary, as follows4:

a) population (Table 1 and graph.1);

b) GDP (Table 1 and graph.2);

c) GNI per capita- Atlas Method (Table 1 and graph. 3);

1 Associate Professor, PhD, Naval Academy“ Mircea cel Batrân”, Romania, Address: Strada Fulgerului 1, Constana 900218,

Tel.: +40.241 626 200. Corresponding author: romeobosneagu@yahoo.com.

2 Senior Lecturer, PhD, Tomis Un iversity, Constanta, Romania, Address: 100 Vulcan Petru Str., Constanta, 900628,

Romania, Tel.:+ 40.241 558 700, E-mail: flosorescu@yahoo.com.

3 Master Student, Spiru Haret University, Bucharest, Romania. Address: 13, Doamnei Str., Bucharest, Romania, Tel.: +4021

455 1000, E-mail: rodica.faida.if@mfinante.ro.

4 www.data.worldbank.org.