World Bank improves GDP growth projection for Romania

The World Bank has increased its projection of GDP growth in Romania next year, from a previously estimated 2.5 percent to 4.2 percent, according to a recent report.

The bank has maintained its forecast on economic growth, which will stay at 0.5 percent in 2011.

The financial institution also expects a current account deficit of 4.9 percent for this year and 5.5 percent next year, which is below the previous forecasts.

Mid last year, the World Bank was forecasting a current account deficit of 7.5 percent for this year and 8.7 percent for 2011.

The world economy is predicted to grow by 2.7 percent this year

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and 3.2 percent next year, after having contracted by 2.2 percent last year.

The World Bank is contributing to a EUR 20 billion lending package for Romania, along with the International Monetary Fund (IMF), the European Union and the European Bank for Reconstruction and Development (EBRD).

Corina Saceanu