Traian Basescu: Positive signals exist, yet crisis end uncertain

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Attending on Saturday the works of the Romanian Students Congress, President Traian Basescu tackled the economic crisis issue, remarking that signals from economy were positive in April, but that he would not risk saying that we are starting to see the light and stepping out of the crisis.

„Q1 confirms the economic crisis, yet the criteria are not met for us to say that Romania is in recession.

We have however a 6.4pc decrease of the GDP in the first three months of the year. The signs are positive in April, but I would not venture to rejoice and say that we are starting to get out of the crisis.

I would wait to see what Q2 brings us, that is the results at the end of June,” said Basescu.
He also mentioned that he just passes this message for the sake of information, as it relies on assessments he takes no responsibility for.

„According to our assessment – yet I would no longer take anything for granted – and to official information in December, Romania was supposed to have an economic increase between 3- 6pc, but it was proven that nobody can make accurate assessments on crisis developments; in any case, according to current assessments I take no responsibility for, but just convey them for the sake of information, it seems that we are starting to recover.

However, I would not venture to say that Romania is on track out of the crisis. Some positive signals in April exist all right in terms of budget collections and economic growth developments,” said the President.

He stressed that financing to education provided under the law is of 6.3pc of the GDP, and that his goal is to prevent Romania’s economic slippage.
„Personally, my aim is that Romania is not driven into economic and implicitly social slippage.

This is where all my efforts are focused, which among others, means a good partnership with the Government, and I assure you that whatever measure needs to be taken to avoid economic slippage will be taken, even if this is an electoral year and even if it is painful,” Basescu said.

The head of the state also admitted that he had expected a steeper economic decline in Q1.
„Personally I had some projections of around 8pc decrease of the GDP year-on-year in Q1.

There, the figure is 6.4, iťs not at all tiny, but very high, but let us hope that things will not worsen beyond that in the following quarters,” Basescu added.

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