Moldova undergoes significant economic reorganization
The World Bank included Moldova along with other 15 European and Central Asian states in the category of economies that undergo significant reorganization, according to the report Global Economic Prospects 2011, released on 13 January in Washington.
Among the member states of the Commonwealth of Independent States (CIS) that have been promoting serious reforms are: Armenia, Azerbaijan, Georgia, Kazakhstan, Kyrgyzstan, Russia, Ukraine and Uzbekistan.
The World Bank forecast a 3-per-cent growth of the Moldovan economy in 2011 and a 3.6-per-cent growth in 2012. The current deficit of the GDP will amount to 10.3 per cent in 2011 and will slightly increase to 10.6 per cent in 2012.
The World Bank report assessed that the economic growth in Central and Eastern Europe will reach 2.1 per cent in 2011 and 3.9 per cent in 2012 and will further be limited to reorganization measures.
The economic activity within the Commonwealth of Independent States will be also backed by Russia's economic restoration, as it is "an important market for exports and emigrants from Armenia, Moldova and Tajikistan". Yet, the World Bank notes that only 45 per cent of remittances made to CIS come from Russia, other 50 per cent being from Western Europe. The World Bank forecast a 6.5-per-cent growth of remittances in foreign currency to the region in 2011 and a 10.4-cent growth in 2012.
Remittances in foreign currency from abroad are a very important source for developing economies. The World Bank places Moldova on the first position in a list of 14 states with the highest share of remittances in the GDP in 2010. Moldova is followed by Lesotho, Lebanon and Nepal. It is assessed that remittances make up over 25 per cent of the GDP.
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