BCR projection: Romania’s 2009 economic growth at a negative -2.1pc

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Romania will register this year a negative economic growth of around 2. 1pc, on the background of the considerable shrinkage in foreign demand and lacking substantial support for such growth from particular specific domestic factors, BCR chief economist Lucian Anghel said on Tuesday, on the occasion of a presentation of the quarterly macroeconomic synthetic report authored by bank experts. However, Lucian Anghel considers that Romania might witness a less steep economic decline compared to some eurozone states.

„Unlike other states that experience an accentuated fall of inflation, Romania still faces persisting inflationist pressure. The depreciation of the exchange rate since the beginning of the year, the adverse evolution of particular administered prices, but especially the limited supply of goods and services, are the major factors that pose a risk to inflation,’ explained Lucian Anghel.

The BCR chief economist considers that the improvement in Romania’s risk perception depends on the due completion of the commitments assumed under the IMF agreement.

‘The improvement of Romania’s risk perception following the agreement concluded with the International Monetary Fund and the European Union will continue only if the assumed commitments are fulfilled as planned, by attaining the targets and fulfilling the reforms requested by the international financial institutions in an electoral year,” underscored Lucian Anghel.
He is confident that Romania can attain the budget deficit target agreed upon with the IMF and the EU.

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