Romania can increase its economy four times in the next 20 years and to become one of the top 10 economies of the European Union, if it focuses on three key pillars for investment and reform and together with a proper governance framework, according to the Foreign Investors Council (FIC).
The current Romanian growth rate, athough encouraging, is not sustainable in the long term in the absence of a strategic approach, according to FIC. And this is why its members believe that this is the right time for citizens, civil society, business, academia and politicians have a dialogue about a long-term plan for Romania.
FIC says that Romania’s economy would grow to EUR 655 billion in GDP by 2036, up four times compared to today, by focusing on the pillars: modern infrastructure, demography and human capital, public and private efficiency.
To achieve this goal, Romania should grow at an average rate of about 4 percent per year, over a period of 20 years. Economic growth may accelerate from 3.3 percent, the current potential growth rate, up to a maximum of 4.5 percent towards the end of the period.
However, FIC says that it cannot make a strategy for Romania, as this is the mission of the Government, with support from the Presidency, Parliament, National Bank, political parties and with a consultation with academia, civil society and the business community.
To engage the parties in a debate, FIC launches VA URMA platform. The business association started the online campaign in June and launches it publicly now and will try to explain to the public the importance of sustainable growth, why it benefits everyone and how Romania can get there.
Join the discussions about Romania’s economic outlook and strategy for the future at the Foreign Investors Summit 2016 – Where Romania means business – November 1-3, Bucharest.