The country needs another 13 years before attempting to join the Euro zone based on the average growth rythm of the last 15 years, according to a new study coordinated by Daniel Daianu, member of the administration board at the National Bank of Romania.
„If Romania would keep the growth rythm registered in the 2000-2015 period, then it could reach the average of the Euro zone in 27 years, while 75 percent of the Euro zone average could be reached by our country in 13 years (annual growth rate differential compared to the Euro zone standing at 2.5 percentage points). If Romania’s economy would grow by 5 percent yearly (in a sustainable way), then it could reach the Euro zone average in 18 years, and 75 percent of the Euro zone average could be reached in 9 years, meaning 2024 ((annual growth rate differential versus the Euro zone amounting to 3.8 percentage points),” according to the study.
The authors of the study suggested that Romania should target a GDP per capita in Purchasing Power Parity of at least 75 percent of the European Union average from 2007, when Romania joined the EU.
The Romanian economy posted a growth rate of 4.9 percent of GDP in the first nine months of the year. Economists say the economic expansion is partially fuelled by the growth of wages in the public sector and the tax reduction measures that have boosted consumption.
Romanian authorities have not set an official target for the adoption of the Euro.