Economic growth pace in Moldova to reach 6.8% in 2008, according to World Bank
The economic growth pace in Moldova will grow from 4% in 2006 to 6% in 2007, 6.8% in 2008, and 7% in 2009, reads the World Bank report Global Economic Prospects launched last week.
At the same time, according to WB experts, the deficit of the current account of Moldova will register a record level of 14.9% of the GDP in 2008 compared with 8% in 2007 and 9.3% in 2006. The WB study also finds that according to the external trade deficit, Moldova will rank the fourth in Eastern Europe region, left behind by Latvia, Romania and Kirgizstan, whereas according to the GDP growth rate, it will follow after Azerbaijan, Georgia and Armenia.
The WB report forecasts a global slow down of the economic growth pace from 3.6% in 2007 to 3.3% in 2008. At the same time, the WB says that this year the economic growth in the developing countries will constitute 7.1% and will exceed the advance of only 2.2% forecast for the developed industries.
The WB recommends for the developing countries to improve their IT integration and use capacities and specifies that commercially, the strong demand in the developing countries will support the global economic growth.
According to the study, the drop of the global economic growth was determined by the depreciation of the USD, the recession in the USA and the increased volatility of financial markets. The WB says that this situation will persist on the international financial markets until the end of 2008.
Over the last ten years, Moldova’s GDP grew from 7.7 bn lei in 1996 up to 44 bn lei in 2006, reaching 936 USD per capita. Despite this evolution, Moldova is further behind other countries in the region. Thus, in Ukraine the GDP per capita accounts for 2.26 thousand USD; in Russia, 5.3 thousand USD; and in Romania, 5.6 thousand USD. // BASA-Press
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