Finance Ministry: Our target is a 5-6 percent medium-term growth

Newsroom 21/10/2014 | 11:08

The government is aiming for an economic growth of 5-6 percent in the medium-term, but is aware that fiscal discipline is vital to obtain this objective, according to Finance minister, Ioana Petrescu.

“Our aim is to achieve a medium term growth of 5-6 percent every year. We need this growth to catch up with the rest of Europe and I believe that, if we continue to promote the same measures that stimulate business, we will achieve this objective by maintaining fiscal discipline”, Ioana Petrescu said at the “EU-SouthEast Europe Summit”.

The government official showed that Romania has achieved the second biggest fiscal consolidation after Greece starting in 2009 when the deficit was over 9 percent of GDP. Presently, the deficit is at 1.7 percent, a result obtained through fiscal discipline.

The minister also mentioned that through financial aid schemes, 13,000 new jobs were created. She also mentioned the social contributions cut and the tax exemption for reinvested profit.

“Through all the measures we promote, we have to maintain fiscal discipline”, the resort minister argued.

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