Vosganian: Romania is spared huge vulnerabilities

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The Romanian economy is not plagued with so huge vulnerabilities as some international credit rating agencies are claiming, Romanian Minister of Economy and Finance Varujan Vosganian told a conference on May 20 on the ongoing international financial crisis.
 
Rating agency have lately adjusted their outlook on Romania to negative, although they have reaffirmed their ratings on Romania, and some of them have painted Romania as the country with the highest economic vulnerabilities in its geographical area.
 
Vosganian argued that Q1 20078 was the best quarter in Romania’s modern history in terms of economic growth, investment dynamics and developments in living conditions, and Romania was the only EU country on which the European Commission upwardly adjusted the prospects for economic growth in its spring estimates, from 5.9 percent to 6.2 percent.
 
Vosganian added that if 2008 turns out to be a good farm year, economic growth would exceed 7 percent.
 
Mentioning the living conditions in Romania, Vosganian said that consumption and household savings grew up simultaneously in Q1 2008. Household savings, he said, advanced 45 percent and loans granted to households surged 82 percent, under much stricter banking rules, which he argued indicates that Romanians have high income.
 
On the other hand, he admitted that the budget discharge, monetary policy and the currentaccount deficit are the main risks facing the Romanian economy, but the current-account deficit is at no alarming level.
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