EBRD cut down the forecasts on the Moldova economic growth
The growth of the Moldovan economy in 2013 will be more modest than it was expected several months ago. The European Bank for Reconstruction and Development has cut down its forecasts on the GDP growth by 0.5%.
According to the EBRD estimates, based on the results of 2013 the GDP will rise by 2.5% (the 3% growth has been forecasted at the beginning of the year).
Bank experts note that the medium-term growth of the Moldovan economy will depend on the volumes of money transfers by migrant laborers, export trends, and predisposition of the local and foreign businessmen to investments.
The economic growth forecast had been also cut down earlier by the Ministry of Economy – from 4 to 3.5%. The Ministry explained such reduction by the influence of the political factors.
The 0.8% recession was recorded in the Moldovan economy in 2012, Publika reports.
The World Bank has established that Moldova is among the developing countries’ leaders on the volumes of money transfers from abroad – currency receipts amount to 23% of the GDP. In the 1st quarter of 2013 Moldovan citizens sent $320 million to the country (by 31 million more than in the 1st quarter of 2012). Over the last five years the migrant laborers transferred $7 billion to their native country.
English translation by BSNews