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

Author

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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.

Suggested Citation

  • Larisa Lubarova & Oleg Petrushin & Artur Radziwill, 2000. "Is Moldova Ready to Grow? Assessment of Post-crisis Policies (1999-2000)," CASE Network Studies and Analyses 0220, CASE-Center for Social and Economic Research.
    • Handle: RePEc:sec:cnstan:0220
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    References listed on IDEAS

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    Cited by:

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    3. Marcin Sasin, 2002. "Predicting Currency Crises, the Ultimate Significance of Macroeconomic Fundamentals in Linear Specifications with Nonlinear Extensions," CASE Network Studies and Analyses 0224, CASE-Center for Social and Economic Research.

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