One of the Europe’s poorest countries with a small lower-middle income European economy, Moldova is doing its best to reduce poverty of the nation since the 2000s. The country has made every possible effort to promote inclusive growth and has made a remarkable progress as well. The last year’s GDP of Moldova was US $6.5 billion. Mainly the economy was driven by consumption and so it expanded at an average of five percent a year. But because the main fuel of Moldova’s economy is remittance which comes from its biggest trading partner, Russia, the recession in Russia caused a huge fall of 4.6 percentage points in Moldova’s GDP growth.
The country has a moderate climate along with a productive farmland and so it is obvious that the economy of Moldova relies heavily on the agriculture sector. The major produce of the country features, vegetable, fruits, tobacco, and wine. After the agriculture sector, the economy prominently depends on its annual remittances of around $1.12 billion. The remittance majorly comes from around one million Moldovans working in Russia, Europe, and other Soviet Bloc countries.
In the absence of enough energy resources, Moldova is compelled to import most of its energy supplies from either Russia or Ukraine. The dependency of the country on Russian energy can easily be made out of the fact that Moldova owes more than $5 billion to Gazprom, Russia’s well-known natural gas supplier. Although the country was doing exceptionally well between 2009 and 2014 because of its proposal to EU integration and increased agriculture production, a $1 billion assets stripping theft of Moldovan banks at the end of 2014 shocked and disturbed the country’s economy significantly.
So, even after all the significant measures taken for improving the country’s economy, it still remains the poorest nation in Europe. Experts believe that the theft at such a huge scale has undoubtedly reversed the condition of Moldova’s economy to an extent.
15% of Moldova’s GDP Stolen from Banks:
$1 billion was stolen from under the nose of the three Moldova’s leading banks. It is still a mystery so as to who is responsible for this sudden downfall but whatever be the reason it has thrown the Europe’s poorest nation into deep crisis. Several private international investigation agencies have undertaken the task to reveal the culprit behind this theft. The money was embezzled through the largest banks and was spirited out of the country in complex financial transactions. UK-based companies were alleged for facilitating this transaction.
A bailout equivalent to almost half of the annual budget was used by the authorities to rescue all the three banks involved in this theft. The theft which was discovered in late 2014 caused a considerable setback to the economy of the nation.
Although all the audits gave a positive opinion about the banks, Iurie Chirinciuc, a Moldovan MP who was investigating the issue believes the situations of the banks were grave. According to Chirinciuc, the audit reports alerted the banks about loans and this is definitely not a clean bill of health.
Overall, corruption and other government issues are the main reasons behind the destabilized Moldova’s economy. But apart from them, there are other critical challenges too that the country as a whole has to face. Inefficient and large public sector also poses an additional threat to the already fiscally and socially unsustainable Moldova. So many challenges at a time have made it really difficult for the country to rise up again. But this has also spread a new wave of awareness among the Moldovans.
Role of Private Investigation in Moldova
Bearing the level of corruption and other such malpractices within various sectors of Moldova in mind, it will not be wrong to say that the private investigators play a major role in this country. Whenever you are corresponding on a professional level in Moldova, you have to make sure that only the correct information is being passed to you.
Private investigators make sure that when you hire them for your services, you get the best possible details relevant to your suspect. Whether it is a professional or a personal relationship, ensuring the genuineness of your partner is a must. So, it is not necessary that you only need private investigation before establishing some kind of a business. You can also need the help of some private investigator in your personal relations.
There are numerous agencies in Moldova that are dedicated to private investigation. You can take their services for both the corporate and private sectors. From matrimonial investigation to business investigation, you can hire private detectives for almost any kind of enquiry you need. They understand their responsibility and know the importance of various relationships.
You can pick any of the private investigation agencies according to their skills and trust them for the outstanding accomplishment of your job. Although private relationships don’t affect the economy of Moldova, professional relations certainly do so. Therefore, it is of utmost importance to hire a private investigator especially if you are contemplating for a business venture with some stranger from some other country.
Hiring a private investigator is the sure-shot way of side-stepping any possibility of fraud in the already corrupted government system of Moldova. Only our awareness and proactive measures can help us build a strong economy for our country. We can learn a lot from the previous cases of deception like that of the scam revolving around the three largest banks of Moldova. So, whenever we get our hands on some lucrative deals from across the borders or from within the country itself, we should be smart enough to properly investigate all its aspects.
You may not find any prominent link between a country’s economy and investigation, but they actually go together. No country can expect a substantial growth in its economy unless it is sure of a corruption free system. And for making the system corruption free, we need to understand where we are going wrong. It could be our negligence that has led us to the bottom of the list that ranks all the European economies.