Banca de Economii S.A.

Such is the main conclusion of «The Transition Report 2005», presented by the European Bank of Reconstruction and Development on Thursday. This report covers 27 European countries in transition. EBRD Expert for Moldova Alexandru Chrmiciu has communicated to the InfoMarket new agency that on the whole the growth in 27 countries constitutes 5.3% - it is better than in the European countries, but worse than in the Asian countries. As for Moldova, Alexandru Chrmiciu designated its successes in 2004-2005 as modest. The country continues being the poorest country in Europe and its GDP per capita of the population constituted $903 in 2005. The report underscores difficulties and no transparence in the banking sector, and the poor corporate management made it vulnerable, reduced competition, and the efficient placement of credits. 2 thousand companies were interviewed that resulted in the conclusion that the inefficiency of the State organs, corruption and crime impedes the growth. Despite certain improvements in the fiscal system, combating crime and corruption, the inefficiency of the State, the poor judicious system and the limited access to financing remain important impediments to the business development.