News
photo source:
Posted by: Rusica Viorica
News / Economic
09 Apr. 2020 / 12:10
World Bank’s forecasts for the economy of the Republic of Moldova
The World Bank predicts that in Moldova, like other countries in the region, the economy will be in decline in 2020, assuming a gradual recovery starting in the third quarter of the year, a Bank report shows.
In addition to the temporary cessation of key economic activities and the associated loss of income, the impact of the spread of the virus in Moldova will be largely associated with decreased export demand due to disruption of global and regional supply networks and reduced number of travelers and tourists, as well and remittances.
However, if the spread persists even after the second quarter of 2020, the impact of COVID-19 will have more severe effects, which will lead to a deeper recession and long-term losses in terms of production and jobs. The economy is expected to recover in 2021, as the global economy eases following the pandemic.
The World Bank is finalizing a program of activities to help Moldova manage and mitigate the impact of the crisis, including through a $57.4 million emergency project aimed at supporting the immediate needs of the health sector in combating the pandemic, as well as supporting households and workers who lose their jobs, by granting them social assistance allowances.
Show Comments