Economy minister Nita: I don’t foresee an economic growth higher than 2-3 percent

Romania’s economic growth this year cannot be higher than 2-3 percent because of the macroeconomic context, the lack of modernization of state companies and the difficulties companies have in accessing credit, said the Economy minister Constantin Nita, quoted by Mediafax.

“I don’t expect an economic growth higher than 2-3 percent. We need to take into account the macroeconomic context, especially the lack of modernization of state companies. Take for instance the defense industry. You can’t expect performance and exports when working with equipments older than 40 years,” Nita said.

The government is looking at a 2.5 percent economic growth this year, after a 3.5 percent in 2013. Te IMF estimates Romania could post a GDP 2.4 percent higher this year.

Nita also pointed out the difficulties companies have in accessing financing. “I think not even 10 percent of SMEs have credits Access to credit is still very difficult. It is the same for large companies,” Nita said. He added that Romania’s exports could exceed EUR 50 billion this year.

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