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Moldova's GDP decline this year may be 6.3% -6.5% - Ion Chicu.

Moldova's GDP decline this year may be 6.3% -6.5% - Ion Chicu.

Prime Minister said this on Friday during a press conference dedicated to the report on the achievements of the government headed by him over the first year of activity. He noted that such a downturn in the economy will be the result of the COVID-19 pandemic and the severe drought this year. The head of government said that data on the dynamics of GDP for the third quarter of 2020 will be presented by the National Bureau of Statistics on December 15, and then it will be possible to make a more accurate forecast regarding the GDP decline this year. Ion Chicu said that, of course, under current conditions, in the third quarter of this year there will be registered a decline in GDP, compared to the same period last year, but it will not be as large as in the second quarter of this year, when the decline was 14%. In general, according to preliminary forecasts, the decline in GDP in 2020 may be in the range of 6.3% -6.5%, which is in line with the forecast made back in May by the experts of the German Economic Team, predicting the decline of the Moldovan economy this year at the level of 6.3%. The head of the Cabinet recalled that in the first quarter of 2020, GDP grew by 0.9% compared to the same period in 2019, and in the second quarter of this year it decreased by 14%. Thus, the main decline in the economy was registered in the II quarter of this year during the period of various restrictive and prohibitive measures for economic agents against the backdrop of the COVID-19 pandemic. “Given this experience, we will no longer restrict economic activity in the country, since this has no effect on the pandemic situation, and also negatively affects budget revenues and the ability of the authorities to fulfill their obligations,” Prime Minister said. Earlier it was reported that the Moldovan government expects a decline in the country's GDP at 4.5% by the end of 2020. The same is the updated forecast of the IMF experts. The World Bank and the European Bank for Reconstruction and Development earlier worsened the forecast for Moldova’s economy in 2020. The World Bank raised the forecast for Moldova’s GDP decline this year from 3.1% to 5.2%, the EBRD - from 4% to 5.5%. // 13.11.2020 - InfoMarket.