The World Bank presented its Country Economic Memorandum for the Republic of Moldova in Chisinau. The document outlines the current economic challenges, necessary reforms, and opportunities that the country can leverage to boost economic development.
Inguna Dobraja, Country Director for the World Bank Group in Moldova, stated during the launch, “This memorandum provides an essential diagnosis that identifies key issues in economic development.” She added, “Discussions will help us identify more challenges and development opportunities. The Country Economic Memorandum for Moldova is Moldova’s growth report. This report is an essential diagnosis that identifies the major issues in economic development. We hope this memorandum will help Moldova prepare its growth plan and facilitate its implementation. We also hope the priorities identified are achievable within specific timeframes.”
Deputy Prime Minister Dumitru Alaiba, Minister of Economic Development and Digitalization, who attended the event, emphasized that Moldova needs economic reforms to achieve an accelerated economic growth rate of 8-10% over the next decade. According to the official, the memorandum presented by the World Bank Group offers an opportunity to reflect on and analyze the current situation and to identify the key reforms and areas of intervention needed to drive development.
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“We thank you for the support you have provided over the years. We need to do a lot. The country needs economic reforms. The current trends and growth drivers are insufficient. It may seem too ambitious to say that we need an accelerated economic growth rate of 8-10%, which we must maintain over the next decade, but this is Moldova’s only chance. We cannot afford to think in more modest terms. Our biggest nightmare is having only 2-3% growth per year. We cannot afford this, so we must rethink future trends and consider what actions to take to continue stimulating the country’s economic potential,” said the Deputy Prime Minister.
World Bank expert Marcel Chistruga stated that according to the memorandum, Moldova can achieve growth rates higher than 5% and reach EU development levels within a generation. However, for this to happen, the country must focus on several priorities, including increasing productivity, investing in infrastructure, and improving human capital.
Moldova has been a member of the World Bank since 1992.
According to World Bank data, the institution has allocated over 2.1 billion dollars for more than 70 operations in Moldova since 1992. These operations cover regulatory reform, business development, modernization of government services, tax administration, cadastre, education, roads, healthcare, agriculture, water, sanitation, and energy.