IMF Forecasts 2,5% GDP Growth of Moldova
OREANDA-NEWS. July 29, 2010. This was informed by the International Monetary Fund following the results of regular annual overview of Moldavian economy on the basis of IV Article of the IMF Charter. In 2011 the IMF expects the GDP growth in Moldova by 3,6% - up to USD5,8 billion and 6% inflation.
The IMF experts note Moldavian economy gradually restores after deep fall, caused by global economic crisis. Due to financial support of IMF, Moldavian authorities have achieved the encouraging progress in restoration of economic stability and growth rebirth. The Fund emphasizes that quick growth was observed in Moldova in 2006-2008; it was caused by “boom” of remittances from abroad and direct foreign investments.
However, the global crisis resulted in deep economic fall in Moldova in 2009. The internal demand and import fell, and real GDP declined by 6,5% against sharp reduction of export, remittances and direct foreign investments. On January 29, 2010 the IMF adopted a three-year loan program in Moldova totaling to 369,6 special drawing rights (SDR) or about USD574 million. Now, according to the IMF experts, the gradual restoration of Moldavian economy is observed.
The GDP growth in I quarter of 2010 made up 4,7% compared to the same period of 2009. The economic activity is supported by the growth of industrial production and trade, elimination of many restrictions for export and import, reduction of national currency exchange rate. According to the IMF experts, the rise of export potential and expansion of access to huge markets of the main trade partners of Moldova in the East and the West must become a strong and steady basis for acceleration of economic growth. The scheduled privatization of state enterprises must favor the increase of their effectiveness and attraction of additional foreign investments in the country.
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