On the first sight the Moldovan economy is flourishing. Not only had Moldova  had a high economic growth in Q2'11, but, more importantly, it looks like a healthy growth. However, it is much easier to recover, even at a high rate, than to keep a healthy growth in the long-term. In this respect, as shown in this edition of the Real Economy, the Moldovan economy is still fragile, with serious weaknesses and challenges lurking in the shadows.