Moldova Public Expenditure Review
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World Bank, Washington, DC
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Agriculture is vital to Moldova’s
economy. It accounts for 14 percent of gross domestic
product (GDP) and employs 25 percent of the labor force;
together with agro-processing, it generates more than 20
percent of GDP. While the size of the agriculture sector is
one of the largest in Europe, it is comparable to other
countries at similar income levels. The sector is also a
major foreign exchange earner, with agro-food products
comprising about 60 percent of merchandise exports. The
Government of Moldova (GoM) identifies agriculture as one of
the main drivers of growth in its 2020 national development
strategy. Agriculture in Moldova faces both short-and-long
term challenges. Increasing public spending on agriculture
is not an optimal response to these challenges. Instead, to
make the sector more competitive and resilient to shocks,
direct budget spending should be reduced in some areas and
redesigned or increased in others. Tax expenditures can be
streamlined to make them more efficient, cost effective, and equitable.
Palabras clave
PURCHASE PRICE, RISKS, CAPITAL MARKETS, PROFIT MARGINS, EXCISE TAXES, PRODUCTION, STOCK, VALUATION, STRUCTURAL CHANGE, INCOME, INTEREST, EXPECTATIONS, GOVERNMENT SPENDING, INTEREST RATE, REAL GDP, PROPERTY RIGHTS, CORPORATE PROFITS, GDP PER CAPITA, EXPORTS, POLITICAL ECONOMY, ECONOMIC STRUCTURE, FISCAL POLICY, WELFARE, BOOK VALUE, GROSS VALUE, DIMINISHING RETURNS, INCENTIVES, DISTRIBUTION, VARIABLES, SUBSIDY, DAMAGES, TAX, BENCHMARKS, INPUTS, INCOME TAX, TAKEOVER, PAYMENTS, FREE TRADE, AGRICULTURAL OUTPUT, ECONOMIC STRUCTURES, TRENDS, HORIZONTAL EQUITY, BUDGET, DEVELOPMENT, CHOICE, MACROECONOMIC STABILITY, COST EFFECTIVENESS, INFLUENCE, TOTAL FACTOR PRODUCTIVITY, TECHNICAL ASSISTANCE, COSTS, PER CAPITA INCOME, CURRENCY, RENT, PERSONAL INCOME, OPTIONS, PRODUCTIVITY, FAILURES, CRITERIA, DEBT, MARKETS, OPEN ECONOMY, INCOME LEVELS, TAX REVENUES, INVENTORIES, NATURAL RESOURCES, AVERAGING, GROSS DOMESTIC PRODUCT, INVENTORY, SUBSIDIES, PRODUCTION INPUTS, TAXES, EXPENDITURE, UNEMPLOYMENT, INCOME TAXES, PRODUCTIVITY GROWTH, CONSUMPTION, HUMAN CAPITAL, VALUE ADDED, GOVERNMENT BUDGET, ECONOMIC PERFORMANCE, CAPITAL, WAGES, INTERNATIONAL TRADE, VERTICAL EQUITY, VALUE, BENCHMARKING, COMPETITIVENESS, CREDIT, BUDGETS, PURCHASING POWER, DEVELOPMENT STRATEGY, DEMAND, GOVERNMENT EXPENDITURE, MARGINAL BENEFITS, MARGINAL COSTS, INEFFICIENCY, EXPENDITURES, ECONOMY, AGRICULTURE, CONSUMERS