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Is Moldova Ready to Grow? Assessment of Post-crisis Policies (1999-2000)

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  • Larisa Lubarova
  • Oleg Petrushin
  • Artur Radziwill

Abstract

The efforts to stabilize the Moldovan economy after the crisis of 1998 have been largely successful. The country avoided international default as current account position radically improved, cooperation with international financial institutions was re-established and a significant primary fiscal surplus was achieved. As a result, the exchange rate was stabilised and inflation substantially reduced. Moreover, several important structural reforms were implemented and privatisation of key-industries pursued with much more determination than previously. However, only economic growth would bring real solutions to the persistent problems of external and internal imbalances of the Moldovan economy and would allow the country to face its heavy debt burden in the future. Unfortunately, prospects for sustainable growth remain weak, as the most important issues that constrain private entrepreneurship and investments have not been effectively tackled. These issues include: lack of territorial integrity, ineffective legal system, widespread corruption and rent seeking. It is unlikely that these problems can be solved until the Moldovan parliament assumes full ownership of reform process.

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Bibliographic Info

Paper provided by CASE-Center for Social and Economic Research in its series CASE Network Studies and Analyses with number 0220.

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Length: 44 Pages
Date of creation: 2000
Date of revision:
Handle: RePEc:sec:cnstan:0220

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Keywords: Moldova; post-crisis;

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  1. Campos, Nauro F & Coricelli, Fabrizio, 2002. "Growth in Transition: What we Know, What we Don't and What we Should," CEPR Discussion Papers 3246, C.E.P.R. Discussion Papers.
  2. Stepan Jurajda & Janet Mitchell, 2001. "Markets and Growth," William Davidson Institute Working Papers Series 382, William Davidson Institute at the University of Michigan.
  3. Micael Castanheira & Gaëtan J.A. Nicodème & Paola Profeta, 2011. "On the Political Economics of Tax Reforms," CESifo Working Paper Series 3538, CESifo Group Munich.
  4. Micael Castanheira & Gaëtan Nicodème & Paola Profeta, 2012. "On the political economics of tax reforms: survey and empirical assessment," International Tax and Public Finance, Springer, vol. 19(4), pages 598-624, August.
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