The European Bank for Reconstruction and Development (EBRD) slashed its 2013 growth forecast for Moldova from 3% in January to 2.5%, IPN reports.

The institution’s analysts said the economic growth will be primarily based on the larger remittances and a possible rise in exports following the increase in the internal demand in some of the commercial partner countries of the EU.

The EBRD forecast for Ukraine was reduced by 1.5% to minus 0.5%, while for Russia by 1.7% to 1.8%. The forecast for Romania was kept at the same level, of 1.4%.

The Economy Ministry of Moldova projected an economic growth of 3.5% for 2013. At the end of April, the Institute of Economy, Finance and Statistics put the economic growth at 2-5%, forecasting the stabilization of the EU economy, especially in the second half of the year, relatively favourable developments associated with the international prices of gas and mineral products and a possible, even if partial recovery of the agricultural sector.