Romania to resume growth in 2011, says IMF

IMF representatives say that in spite of media reports that Romania will face recession for the third consecutive year, the country will return on growth in 2011, estimating a GDP increase of approximately 1.5 percent. In 2009 Romania reported a 7.1 percent economic decline and a further 1.9 percent drop is estimated for 2010.

According to Mediafax, Jeffrey Franks, head of the IMF mission to Bucharest, said  media estimations are incorrect as the Fund doesn’t forecast an economic decline for next year.

IMF’s review on Romania’s progress under the EUR 13 billion standby loan will be made public on November 1.

Simona Bazavan

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