Ascultă Radio România Actualitaţi Live

Economic Recovery

Bucharest authorities say this year Romania will report an economic growth higher than the original estimates.

Economic Recovery
Minister Liviu Voinea. Photo: arvhive.

Articol de Radio România Internaţional, 14 Mai 2014, 08:14

The tough austerity measures implemented by the Government in Bucharest ever since the first months of the financial crisis have sparked the anger of most of Romania’s population.

The measures eventually led to an economic growth that many EU countries now envy. While other states are still in trouble due to the prolonged effects of the recession, facing high unemployment and the inability to put a lid on their budget deficit, Romanian authorities have announced the first signs of economic recovery.

Romanian economy will continue its upward trend this year, Minister Delegate for Budget Liviu Voinea has announced. In 2014 Romanian economy has every chance to exceed its performance last year. In other words, data collected so far are indicative of a potential economic growth of 3.5%, tantamount to the highest rate at EU level in 2013. Liviu Voinea.

“In the first quarter of 2013 Romania’s growth went up by 2.1% as compared to the same period of 2012. In the first quarter of 2014 the growth rate will certainly be above 3%, and may go as high as 4%. This leads us to believe that in 2014 economic growth will be equal if not higher than the one in 2013”.

The confidence of the population, the business and the banking sector in the local economy is reflected in consumption and investment. This is precisely why Minister Voinea called on Romanians to consume more, thus boosting economic growth. Voinea also told companies to take out loans and make investments, while banks have nothing to fear when giving out loans for consumption and investment.

“The state will not repeat any of its economic policy mistakes up to 2008, nor the brutal measures of 2009 and 2010. On the contrary, as a sign of confidence, the state will increase its public investment program by approximately 1 billion euros as compared to 2013, given that the budget deficit continues to shrink”.

Another sign of recovery is the set target for Romania joining the Eurozone in 2019. The Commission has already been informed about this decision. The population has nothing to fear, as the costs and prices will remain the same, Minister Liviu Voinea says.

For SMEs, the switch to the euro will bring about a significant reduction in foreign exchange exposure and lower the costs of lending. National Bank of Romanian Governor Mugur Isarescu has recently said that the set target of switching to the Euro by 2019 is a feasible scenario. As regards the local business community, Isarescu supports the Government’s efforts and decision to increase predictability.

17 banks participate in this year's edition of the New Home programme
News in English 28 Martie 2024, 18:57

17 banks participate in this year's edition of the New Home programme

Three more banks are participating in this year's edition of the New Home programme to support home purchases, bringing...

17 banks participate in this year's edition of the New Home programme
Final preparations before Romania's entry into the Schengen area with sea and air borders
News in English 28 Martie 2024, 18:55

Final preparations before Romania's entry into the Schengen area with sea and air borders

Final preparations are being made ahead of Sunday, the first day when there will be no border controls at the 17 airports and...

Final preparations before Romania's entry into the Schengen area with sea and air borders
The budget deficit reached, after the first two months of the year, almost 29 billion lei
News in English 28 Martie 2024, 18:53

The budget deficit reached, after the first two months of the year, almost 29 billion lei

After the first two months of the year, the budget deficit reached almost 29 billion lei, representing 1.67% of GDP. This is...

The budget deficit reached, after the first two months of the year, almost 29 billion lei
The draft law on the social assistance reform was adopted by the Chamber of Deputies
News in English 27 Martie 2024, 03:02

The draft law on the social assistance reform was adopted by the Chamber of Deputies

The draft law on the social assistance reform has been adopted decisionally by the Chamber of Deputies. The bill was drafted...

The draft law on the social assistance reform was adopted by the Chamber of Deputies
Ceremony marking the 200th anniversary of the Romanian Police
News in English 26 Martie 2024, 01:19

Ceremony marking the 200th anniversary of the Romanian Police

The Romanian police needs to invest in modernisation and logistics, but also to constantly adapt legislation to the evolution...

Ceremony marking the 200th anniversary of the Romanian Police
National Institute of Administration opens new courses for public administration employees
News in English 26 Martie 2024, 01:17

National Institute of Administration opens new courses for public administration employees

The National Institute of Administration is coming this year with a new course for public administration employees. They deal...

National Institute of Administration opens new courses for public administration employees
The names of the joint candidates with which PSD and PNL will participate in the local elections on June 9 "will be decided on Monday"
News in English 24 Martie 2024, 21:33

The names of the joint candidates with which PSD and PNL will participate in the local elections on June 9 "will be decided on Monday"

The names of the joint candidates with which PSD and PNL will participate in the local elections on June 9 will be decided on...

The names of the joint candidates with which PSD and PNL will participate in the local elections on June 9 "will be decided on Monday"
"By the end of the year" Cluj will supply water to Salaj
News in English 24 Martie 2024, 21:32

"By the end of the year" Cluj will supply water to Salaj

Romania's longest water main is nearing completion. It will carry water from Cluj to Salaj. The pipeline is a...

"By the end of the year" Cluj will supply water to Salaj