The dissolution of the Soviet Union in 1991 prompted post-Soviet countries to transition from centrally planned economies to market-based systems through economic reforms. This transformation included privatization, liberalization, and modernization efforts. Privatization shifted industries from state to private ownership, promoting entrepreneurship and innovation, while liberalization dismantled trade barriers, encouraging international trade and foreign investment. Modernization involved diversifying economies, investing in human capital, improving infrastructure, ensuring environmental sustainability, fostering innovation, and pursuing inclusive growth. Despite challenges such as political instability and corruption, these countries are resilient and adapting, aiming for sustainable growth through diversification, institution strengthening, and collaboration. Their journey continues to shape discussions on economic transformation and sustainable development.
1.Post-Soviet countries transitioned from central planning to market-based economies through economic reforms, including privatization and liberalization.