Moldova's Economy in 2005
Automatically translated summary. The full text is available in Romanian.
In 2005 Moldova's economy showed positive dynamics and macroeconomic policies were fairly balanced, according to an analysis of the year's performance. Preliminary estimates put GDP growth at 8.5-9.0 per cent, although the quality and sustainability of that growth raise questions.
The Government managed to pursue a prudent fiscal policy in a far from simple macroeconomic environment. In monetary policy, the National Bank of Moldova kept a conservative stance, while at the same time intervening heavily on the foreign exchange market by purchasing foreign currency.
The real sector performed well, but the growth is not backed by structural and regulatory policies. Regulatory reform produced a smaller effect than initially hoped. The National Agency for Competition Protection was not created, state interference in the activity of private firms continued, and several privatisations of state property took place in obscure conditions.
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