IMF Estimates an Economic Growth Of 3.5% for the Republic of Moldova in 2019
Moldova.org April 13, 2019
However, the report on global economic outlook “World Economic Outlook” shows that the Moldovan economy will grow more slowly than the previous forecast when the fund expected an increase of 3.8%, informs Molders.
According to the latest report of the Fund, the annual inflation rate will be 3.3% and the current account deficit of the Republic of Moldova will represent 7.7% of the GDP in 2019.
The IMF expects the economy of the Republic of Moldova to grow by 3.8% in 2020, and the same economic growth is projected by 2024.
The World Bank, too, recently revised the GDP growth forecast for Moldova in 2019 by 0.2 percentage points – from 3.8% to 3.6%. The World Bank forecasts inflation for this year at 4.7%.
How many years does RM need to reach the level of economic development of EU countries in 2018?
This economic growth rate of 3.5% is the lowest for the group of the poorest member states of the Commonwealth of Independent States (CIS), of which, according to IMF classification, the Republic of Moldova is part of. Accordingly, to reach the EU level in 2018, Moldova needs 34 years.
“The situation described above is not a short-term evolution of the national economy, but a long-lasting trait of economic changes in the Republic of Moldova,” said economist Viorel Gârbu.
According to the expert, taking into consideration the annual economic growth in the last 20 years (4%), the Republic of Moldova needs 14 years to reach the average level of development of economies in transition.
Approximately 27 years will be needed to reach the level of the CIS member state’s economic development in 2018 or 34 years – to reach the 2018 level of economic development in transition economies in Europe.
However, the report on global economic outlook “World Economic Outlook” shows that the Moldovan economy will grow more slowly than the previous forecast when the fund expected an increase of 3.8%, informs Molders.
According to the latest report of the Fund, the annual inflation rate will be 3.3% and the current account deficit of the Republic of Moldova will represent 7.7% of the GDP in 2019.
The IMF expects the economy of the Republic of Moldova to grow by 3.8% in 2020, and the same economic growth is projected by 2024.
The World Bank, too, recently revised the GDP growth forecast for Moldova in 2019 by 0.2 percentage points – from 3.8% to 3.6%. The World Bank forecasts inflation for this year at 4.7%.
How many years does RM need to reach the level of economic development of EU countries in 2018?
This economic growth rate of 3.5% is the lowest for the group of the poorest member states of the Commonwealth of Independent States (CIS), of which, according to IMF classification, the Republic of Moldova is part of. Accordingly, to reach the EU level in 2018, Moldova needs 34 years.
“The situation described above is not a short-term evolution of the national economy, but a long-lasting trait of economic changes in the Republic of Moldova,” said economist Viorel Gârbu.
According to the expert, taking into consideration the annual economic growth in the last 20 years (4%), the Republic of Moldova needs 14 years to reach the average level of development of economies in transition.
Approximately 27 years will be needed to reach the level of the CIS member state’s economic development in 2018 or 34 years – to reach the 2018 level of economic development in transition economies in Europe.
