Moldova’s economy to grow 2% In 2023



2023) Moldova’s economy is expected to grow 2% this year, with inflation reaching 14%, Finance Minister Veronica Sireteanu said.

“This year’s budget also includes social benefits.

The situation is not easy, the potential economic growth in 2023 is expected at 2%, and with an inflation of 14%, social welfare appears insufficient at the moment,” Sireteanu told the Vocea Basarabiei broadcaster on Saturday.

Moldova entered 2023 after “yet another year of painful crises for the economy,” the minister noted.

At the same time, Sireteanu argued that the state budget was socially oriented and even though the country faced multiple challenges, including an energy crunch, Chisinau offset the population’s bills “as much as possible.”

The government managed to save 5 billion Moldovan lei ($273 million) from the funds allocated for compensations during the cold season, the minister said, adding that the money will be earmarked for the next heating season.

The state budget deficit will amount to 14 billion Moldovan lei in 2023, with the authorities counting on the support of Moldova’s Western partners, Sireteanu said.

Moldova is experiencing an energy crisis due to disrupted supplies and rising prices, with the gas price increasing almost seven times and the electricity price four times in 2022. Last fall, the republic faced a record level of inflation, which affected many sectors of the economy.

Polls show that 70% of Moldovans have a critical assessment of the government’s performance, while 60% doubt that the ruling Action and Solidarity party can survive until the next legislative elections, due in summer 2025.