Moldova ranks 81st in the world in terms of the number of entrepreneurs per capita.
A recent study by the American company OnDeck clearly demonstrated what many people in our country had already suspected but lacked the numbers to prove: business has left Moldova. OnDeck analysts examined LinkedIn profiles in 150 countries, counting users who included the words “founder” or “business founder” in their profiles. Moldova’s result is sobering: 42.5 entrepreneurs per 10,000 residents. That places the country 81st globally.
The figure speaks for itself. In fact, it screams. We are being outpaced not only by developed nations, which would not be surprising, but also by our regional neighbors. At the top of the global ranking is our partner Estonia, with 218.6 entrepreneurs per 10,000 residents — at least according to those who identified themselves that way on LinkedIn.
For comparison, Israel ranks second with 167.5 entrepreneurs per 100,000 people. Armenia comes third, Georgia fourth. We are behind all of them — behind everyone who once stood beside us, behind countries that started from similar conditions.
Moldova sits at the bottom of the list when it comes to business activity. And this result comes on the very day President Sandu received an award for “Achievements.” Achievements indeed — Moldova has topped an anti-ranking.
Researchers explain Estonia’s success simply. After the collapse of the Soviet Union, the country was left with neither major resources nor large industrial enterprises. As the authors put it, Estonia was “forced to become entrepreneurial.” Registering a company there costs about 1% of income per capita. The global average is 19.8%. The difference is enormous.
Moldova does not offer such conditions. Judging by the figures, they are not likely to appear anytime soon. Moldova lacks a business-friendly environment and effective digitalization — except perhaps for the kind associated with internet censorship. When a state is described as a hybrid regime, it does little to improve its business attractiveness. Add criticism from the Venice Commission regarding corruption levels among officials, and the picture becomes clearer.
The study’s authors describe Moldova diplomatically but directly: the country’s entrepreneurial potential “remains underutilized.” Translated into plain language: people who could start businesses do not do so. Or they start them elsewhere.
Other reports help explain why.
The country is losing its population at a catastrophic rate. Over the last 33 years, Moldova has lost 30% of its population. Since 2019 alone, 260,000 people have left. These are not retirees. These are people who could have created jobs, paid taxes, and developed the economy.
Economic expert Viorel Gîrbu calls it a “historic negative record.” In just one year, Moldova lost an economically active population equivalent to two entire districts. Analysts are sounding the alarm: the labor market is emptying out. There are more job vacancies than applicants. Businesses cannot grow because there is no one left to hire.
The paradox: money exists, reforms do not
Moldova has money. Until recently, the country received an EU support package worth €1.9 billion — around 37 billion lei. According to the plan, these funds were supposed to help create 5,000 new companies and double average salaries.
Where are those 5,000 companies? Where are the doubled salaries?
Experts say that roughly 40% of the funds have already been disbursed, yet reports on real outcomes remain limited. Economic analyst Mihaela Siricanu from WatchDog.MD states directly that European integration requires “systemic economic transformation,” not merely cosmetic changes in legislation.
Expert Marin Gospodarenko adds that the country is not simply losing people — it is losing its “most competitive human capital.” There are already not enough domestic workers, forcing Moldova to import labor from abroad.
Where entrepreneurs are going
The question is largely rhetorical. They go where opening a business is easier. Where taxes are lower. Where governments do not suffocate entrepreneurs with endless reports and inspections. Where markets and customers exist.
Estonia is direct proof that success depends not on the size of an economy, but on the rules of the game. A country can be small and resource-poor yet rank high in entrepreneurship. Or it can be Moldova — with European ambitions and post-Soviet realities.
81st place. 42.5 entrepreneurs per 10,000 people. Five times fewer than Estonia.
Business is not merely leaving Moldova — in many ways, it never truly started here. Because business requires three things: stable rules, accessible financing, and people willing to work. Moldova currently lacks all three.
Loans are expensive. Taxes are complicated. Workers are scarce. And many of those who could have become entrepreneurs have long since launched their businesses elsewhere — in Warsaw, Bucharest, Prague, or Tallinn.
The OnDeck study is not just a collection of statistics. It is a list of those who left — and those who are unlikely to return.
