Romania will register an economic growth between 1.7-2.7 percent of GDP in 2012, says Traian Basescu

Newsroom 04/11/2011 | 16:27

Romanian President Traian Basescu stated that Romania will register an economic growth ranging from 1.7 to 2.7 percent of GDP, based on the latest evaluations of the troika, the joint-mission of the IMF, EC and World Bank. This statement was made at the end of the meeting between the Romanian president and the troika review mission. He added that no additional cuts will be made to the payments of public sector workers or pensioners.

Basescu mentioned that Romania will register an economic growth of at least 1.5 percent of GDP this year, although he personally hopers it will reach 2 percent, although the exports are decreasing, due to the uncertainty and sovereign debt issues in the euro zone.  

In addition the budget for next year will be designed on a projected deficit of 1.9 percent of GDP, which could climb to 2.5 percent on cash in 2012. In ESA terms, the budgetary deficit limit will be 3 percent.

According to the troika representatives, Romania has internal growth resources in the energy sector, where restructuring and proper management could create additional revenue to the state budged. The implementation of reforming policies in the transportation and healthcare sector could also contribute to the economic growth next year.   

Basescu concluded that Romania has the financial safety belt in place. The National Bank of Romania has reserves of EUR 32 billion, while arrangements for EUR 3.5 billion from the IMF and EUR 1.5 billion from the EU are also accessible.

Ovidiu Posirca

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