Mircea Geoana: Stong and weak points of economy of Romania

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Mircea Geoana, speaker of the Senate of Romania and head of the Social Democratic Party said on Tuesday, at a meeting with businesspeople concerning the programme „First house that the most frequent estimate for the states in the EU 10 group, to which Romania and Bulgaria are added, is that in 2009, Romania will have a contraction of three percent of the economies of the said countries, followed by stagnation in 2010.
According to the leader of the PSD, the economic relaunch will be gradual and sectoral, and the fields which will be re-launched the first will have a multiplicative role at the level of the economies concerned.
„In my opinion, we will have to spend between two and five years until we get out of the crisis at global level, but Romania has some strong points.
Among them there are the not so big dependence on energy imports, which makes us be less exposed to exports (24 percent of GDP, compared with 60-70 percent in the EU 10, the smaller dependence on energy imports which makes us less exposed to political blackmail caused by the cold relations with some countries in Eastern Romania, said the speaker of the Senate.
Among the weak points of the economy, there are, according to Geoana, the high deficit of current account and the high budget deficit.
A threat to the Romanian economy can be a poor agricultural year in 2009, and that can make the difference between a recession in V or U, with a slight period of stagnation, and a recession in L, when stagnation at low level lasts for longer.
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