Moldovan institute's experts describe 2015 as year of economic failures, with no achievements

Chisinau, 21 December /MOLDPRES/ - Experts of the Viitorul (Future) Institute for Development and Social Initiatives are quite skeptical about the 2015 year, in a new number of the Economic Outlook, launched today. In the publication, the experts make an economic analysis to sum up the results of this year and provide forecasts and recommendations for 2016.

"We tried to make a TOP5 of the achievements and failures of Moldova's economy for 2015. This exercise was a challenge for us, as we have not identified any achievement. Instead, as for failures, we have an entire list, including the embezzlement at the three banks, bank fraud, crisis from the financial and banking system, faulty implementation of the Association Agreement with EU, ceasing of the foreign financing, entering of more economic sectors in recession," the head of the IDIS Viitorul Economic Department, Viorel Chivriga, has said.    

According to the publication's authors, the economic crisis infiltrated more sectors of the economy. In the third quarter of this year, the Gross Domestic Product (GDP) recorded a 3.7-per cent drop in real terms against the same period of 2014.

The decrease in the stock of money continued during all the 2015 year, under the pressure of the policy by the National Bank of Moldova (BNM) and the deep economic crisis. Thus, all components of the money supply registered cuts. This index shows a real diminution of the economic circulation in the national economy, experts also said. 

The overall agricultural production decreased by 11.8 per cent in January-September 2015 against the same period last year. Clear failures of the 2015 year also represent a big decline in the vegetal sector, a defective autumn agricultural campaign, deficiencies and frauds in the system of subsidisation in agriculture, difficult access to sales markets for agricultural products, failure to turn to good account most tariff contingents in the trade with EU, got on the basis of the Deep and Comprehensive Free Trade Agreement, debts in enforcing documents of agricultural policies, insufficient promotion of Moldovan agricultural companies on foreign markets.

The industry's output fell in the second half of 2015. After a 5.9-per cent increase in the first half of this year, in July-October the pace of growth slowed down to about 0.3 per cent.

This year, Moldova's international trade collapsed. In January-October 2015, the international commerce of Moldova recorded 4,935.9 million dollars, which accounts for 73.38 per cent of the value reached in 2014.

The 2016 year is to be the one of re-establishment of the trust, both of the residents and foreign partners. And Moldova should prove that it is a reform-oriented country, the publication's authors also said.

(Reporter V. Bercu, editor M. Jantovan)