The World Bank reviewed its economic growth forecast for Moldova for 2013 up from 4% to 5.5%. Marcel Chistruga, economist at the World Bank Office in Moldova, said the new forecast was determined by the results obtained in the first half of this year, IPN reports.

“The economic growth of 4.9% in the first half is one of the highest in the region, at least higher than the growth of our financial partners. Practically all the components of the Gross Domestic Product have an upward trend, especially those from the processing and extractive industries,” the economist said Monday.

Consumption remained the key factor of economic growth, fueled by the rise in remittances and salaries. “Despite the rather good increase in fixed investments, by 4.5% on 2012, their performance is insufficient for a driving force of economic growth,” said Marcel Chistruga.

WB country economist Ruslan Piontkivsky said the growth rate is projected to increase in the second half of 2013. He underlined a number of risks threatening the new forecast, including the vulnerability of Moldova’s economy to weather conditions and the influences of the global economy, especially of the EU countries and Russia.

The World Bank experts consider that Moldova must accelerate the pro-investment and pro-export reforms, while the Government should concentrate its efforts on three objectives: improvement of the business environment by creating equal competition conditions and reducing the cost of doing business; strengthening of the financial-banking sector by promoting transparency of shareholders, and improvement of access to financings and ensuring of equity in the social assistance sphere.

The Ministry of Economy also increased its economic growth forecast for 2013 to 5.5%.