Moldova, a small landlocked country located in Eastern Europe, has been making strides in its economic growth in recent years. According to a statement by Moldova’s Prime Minister Dorin Recean, “Moldova is a safe country for investments and the government provides stability and policies oriented to economic growth. I would like us to change the paradigm from the economy based on consumption and remittances to the one which relies on entrepreneurship, investments, innovation and export.”
This statement highlights the government’s focus on developing the country’s economy through various means.
World Bank
One of the ways the government is achieving this goal is by working with international organizations such as the World Bank. On April 6, it was announced that the World Bank would provide Moldova with $50 million for the development of small and medium-sized enterprises. The Minister of Economic Development and Digitalization, Dumitru Alaiba, stated that economic development is a priority of the government. This injection of funds from the World Bank will help support small businesses and promote entrepreneurship in Moldova.
Challenges
However, the country is facing some economic challenges, including high inflation. The finance minister, Veronica Sireteanu, predicted that in 2023, Moldova’s potential economic growth will be 2%, but inflation will be 14%. Despite this, the government remains committed to promoting economic growth and implementing policies to address these challenges.
Diplomatic relations
The Moldovan government is also seeking to improve its economic diplomacy by creating economic bureaus in countries such as the United States. This move will help strengthen trade and investment relations between Moldova and other countries, ultimately boosting the country’s economic growth.
In terms of recent economic performance, Moldova experienced better than expected economic growth in 2013 due to increased agricultural production and economic policies adopted by the government since 2009. The country is also expecting a GDP growth of 2.5% in 2023, according to a report from InfoMarket.
Moldova’s government is making a concerted effort to promote economic growth and create a stable environment for investment. With the support of international organizations and a focus on entrepreneurship, innovation, and exports, the country has the potential to continue its economic growth trajectory in the coming years.
