Defining economic corridors: explaining the concept of economic corridors and their role in the European economy

• Published in: Theoretical and Applied Economics
• Main Authors: Rareș-Mihai NIȚU, Alexandra MURARIU, Bogdan Mihai FRĂȚILĂ
• Format: Article
• Language: English
• Published: General Association of Economists from Romania 2024-05-01
• Subjects: cohesion; digitalization; corridors; competitiveness; opportunity cost
• Online Access: https://store.ectap.ro/suplimente/Theoretical_and_Applied_Economics_2024_Special_Issue_Summer.pdf#page=147
• ISSN: 1841-8678; 1844-0029

Economic corridors are a key idea in the framework of European economic integration, and they have a big influence on infrastructure connectivity and regional development. Geographical regions or transportation routes that make it easier for people, products, and services to move between states or regions are what they are known as. This essay delves into the idea of economic corridors and demonstrates their crucial function within the framework of the modern European economy. These efficiency instruments, which serve as vital transportation and infrastructure routes that ease the movement of people, products, and services between states and regions, have emerged as a key idea in European economic development. The definition of economic corridors in the context of Europe and their critical role in promoting regional cohesion and economic growth are the main topics of this essay. The study also identifies and highlights the ways in which economic corridors and traditional economies differ from one another and impact and changing the economic dynamics of EU member states and regions. Through a thorough analysis of the unique attributes of economic corridors and their influence on both economic and social integration, this paper offers a thorough understanding of their significance in the contemporary European economy and their ability to influence future regional and economic development. The study looks at various economic corridors and their effects on the European economy, including those related to transportation, energy, and communications. Along with the policies and tactics required to optimize their advantages, it also covers the opportunities and difficulties related to the creation and administration of economic corridors. This paper primarily investigates the definition and features of economic corridors through an extensive review of the literature and analysis of pertinent data. Included in these are factors like its geographic extent, the infrastructure that supports it, and the transportation and trade routes that traverse it. The statement underscores the significance of various forms of economic corridors, including those by land, sea, or air, in fostering regional cohesiveness and competitiveness.