Country’s economic failures are due to lack of unitary approach, expert
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13:40, 15 Apr 2019

The Republic of Moldova didn’t have and doesn’t have a unitary approach, a synergy of the budgetary, economic, monetary and commercial polices and this state of affairs results in constant economic failures, economic expert Viorel Gârbu stated for IPN.

The expert said the most recent International Monetary Fund forecast anticipates an economic growth rate of 3.5% in Moldova for 2019. Even if the indicator is positive, this is the lowest economic growth rate for the group of the poorest countries of the Commonwealth of Independent States that includes Moldova, according to the IMF rankings.

The average economic growth rate of the poorest CIS economies for 2019 is by 1.3 percentage points higher than the average economic growth rate of Moldova. Similar developments are forecast for 2020 too. Last year this discrepancy in the case of Moldova was of only 1%.

Viorel Gârbu noted the given situation points to Moldova’s constant failures in implementing economic growth policies over the past 20 years, regardless of the political color of the ruling elite.

“Even the IMF warned that two policies run counter in the Republic of Moldova – the budgetary policy and the monetary one. The Government came with a populist policy, exerted pressure by excessive spending and this inflationist pressure was offset by a restrictive monetary policy. This was done at the expense of business entities,” stated the expert.

According to Viorel Gârbu, the mistakes made by the government in the economy are many in number, but the essence is that we do what we are told to do from outside the country, initially by Moscow and then by international organizations. We do not understand the essence of the market economy and the people don’t know how to seek performance from the government.

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