Mihai Tanasescu: Contraction of Romanian economy in 2009 is 8 percent

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The evolution of the situation of Romanian economy in the context of the global and regional economy will lead to redefining, in the quarters to come, the targets established by the International Monetary Fund (IMF) in March, Mihai Tanasescu, IMF senior advisor, told.

„The mission that is now in Bucharest has the very role of reevaluating this context and the position of the Romanian economy and of adapting conditions that were finalized to the new data existing at present.

„It goes without saying that this programme, in which Romania is now with the IMF, will go on and both the Fund and the Romanian authorities will prove enough flexibility to continue the structural reforms, but, of course, at a more rapid pace, and to consolidate the policies that should lead to a medium and long term fiscal stability in the years to come.

„As for the budget deficit, one must think of the fact that it is a consequence. It appears depending on our economic situation.

This is why, when talking about this, one must start from the ampleness of the contraction of the Romanian economy this year, from the amount by which Romania’s gross domestic product will go down.

„There are several scenarios here, but most probably this economic contraction will be somewhere about 8 percent. This level will consequently lead to the increase in the budget deficit.

But this increase in the budget deficit will be able to be counteracted by the measures the Government will probably take in the in 2009 and by recouping, in the time to come, the difference of the budget deficit up to 3 percent, as the European Commission has requested,” said Mihai Tanasescu.

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