OREANDA-NEWS. October 16, 2009. Signs of positive growth in the third quarter of 2009 suggest that the recession is now bottoming out in many countries of the EBRD region.

“Decrease in the budget revenues, reduction in remittances and limited access to the external financing makes necessary to hold cautious monetary and fiscal policy "said EBRD economist in Moldova Alex Chirmiciu. Factors restraining growth in 2010 include the subdued pace of export market recovery (particularly in the Euro area) and continuing tight credit conditions, as the banks continue gradually to shrink their assets in the region and as lending to households and small firms remains constrained by rising non-performing loans.

The Moldovan economy will contract by 8.5 per cent in 2009 after 7.2 per cent growth in 2008. The economy is expected to turn positive again in 2010 with growth of 1.5 per cent.