Lazea (BNR): Romania has three trump cards compared to other countries in this region

Chief economist of Romania’s National Bank (BNR) Valentin Lazea stated on Friday, within the conference „Programme and anti-crisis measures following agreements with International Monetary Fund and European Commission.
What we expect from the Government, the National Bank and the banks?”, organized in Targu Mures (center), that even though Romania is in the possession of three trump cards, when compared to the other countries in the region, they are less known to the rating agencies.
„Romania’s trump cards, by comparison to the other countries in the region, are the following: First of all, in the field of exports it is less exposed to foreign markets. We have an export/GDP rapport of just 24 percent compared to 60-70 percent in countries as Hungary, the Czech Republic or Slovakia. In other words, if those export markets are suffering, we should suffer less than the others with higher export volumes”, said Lazea.
A second trump card is that in Romania the non-governmental credit, as well as it GDP weight, is of just 39 percent compared to 70-80 percent or even 100 percent in the case of other countries and that, „irrespective how badly the banking sector would perform, it should not affect the economy to the same extent as in the other countries”.
A third argument presented by BNR Chief economist is the import of energy products, of oil and gas, namely Romania being, alongside Poland, the least dependent in this zone on such imports and, as a result, the least vulnerable, when faced with price changes for energy products.

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