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Moldova to attain 0.3% economic growth in 2012

According to the preliminary forecasts of the International Monetary Fund, Moldova’s economic growth in 2012 will reach 0.3%, said the head of the IMF Mission to Moldova, Nikolay Gueorguiev on November 15 at a meeting with economic journalists.

Nikolay Gueorguiev named two main causes that will lead to lower economic growth in 2012. The first one is the unprecedented summer drought that will have adverse economic consequences, which can be compared to the ones inflicted by the 2007 drought.

«The second cause is the economic slowdown in the partner-countries of Moldova, from the European Union and the Commonwealth of Independent States,» he said.

He said that this economic growth forecast is insignificant and very low. Yet, he noted that in 2013, the IMF forecasts a GDP growth of 4%.

According to Nikolay Gueorguiev, the country will attain a more significant economic growth next year because the agricultural sector, as well as other branches of the national economy, will recover after the summer drought of 2012.

The IMF mission also positively assesses the tax revenues to the state budget in 2012, noting that the planned tax receipts of 1.7 billion lei will be fulfilled.

Speaking about the 2013 state budget, IMF Mission Head said that the Moldovan authorities rushed to pass it, without fully taking into account the economic realities. Thus, the document was adopted on the basis of a too optimistic economic growth forecast.

Asked by Infotag to assess the results attained by the Moldovan Government in the fulfillment of the outgoing three-year program with the IMF, Nikolay Gueorguiev said that the main appraisers of this program should be the Moldovan citizens.

Asked about the things that could have been done in the country over these years, but have not been fulfilled yet, Nikolay Gueorguiev named the privatization of the state property, due to be carried out by the Moldovan Government.

He also drew attention to the fact that the IMF and the Moldovan Government have no discrepancies in terms of strategic reforms due to be implemented in the Moldovan economy.

Adapted from Infotag