BUCHAREST, May 13 (Xinhua) -- The World Bank (WB) and the European Bank for Reconstruction and Development (EBRD) on Monday revised downward their estimates for Moldova's economic growth in 2019 to 3.4 and 3.5 percent, respectively.
The WB anticipated an economic advance of 3.8 percent in Moldova in its Global Economic Prospects in January, while the earlier forecast of the EBRD said the economic growth in Moldova would be 4 percent.
Earlier, the International Monetary Fund (IMF) lowered the country's 2019 growth forecast to 3.5 percent from 3.8 percent predicted last autumn, in the edition of the global lender's World Economic Outlook report released on April 9.
The WB experts believe that the main factors for the slowdown of economic growth include low productivity, lower external assistance and inefficient public spending. And political uncertainty can further constrain foreign and domestic investment.
"The pace of economic growth will be more modest in the medium term as a result of weaker domestic and foreign demand," WB expert Marcel Chistruga was quoted as saying by the official Moldpres news agency in a presentation of economic prospects for Moldova, organized by the Chisinau WB Office.
Moldova's economy will grow by 3.6 percent in 2020 and by 3.8 percent in 2021, Chistruga said, adding that the major contribution "will come from industry and services, while the contribution of agricultural sector will be marginal, after so many good harvest years."
The EBRD experts lowered the forecast on Moldova's economic growth for this year, as the long-standing structural and demographic problems of Moldova are aggravated by the current political uncertainty after the parliamentary elections in February and the delay in the allocation of funding from international partners.
According to the EBRD experts, Moldova will have a growth of 3.8 percent next year.
The country's 2019 budget targets at an economic growth of 4 percent, up to 209.3 billion lei (11.69 billion U.S. dollars). The Gross Domestic Product of Moldova in 2018, according to preliminary data, grew by 4 percent, amounting to 190 billion lei. (1 U.S. dollar = 17.90 Moldovan lei)
