Romania’s economy to drop by 8.4% -8.5% in 2009, Finance Minister says

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Romania’s economy might drop by 8.4% – 8.5% this year, with the decrease likely to be steeper in Q2 of 2009 than in Q1, Finance Minister Gheorghe Pogea said Friday.

”Economy’s contraction in Q2 will be bigger than in Q1 of 2009, while following talks with the IMF we can tell you that the economic decrease throughout the year will stand at around 8.4 6% – 8.5%,” Pogea explained.

He also said that the IMF accepted a budget deficit of about 7% given that economic difficulties are triggered by international factors like the economic crisis.

„The IMF accepts a budget deficit of about 7%, even 7.2% given the impact of the crisis over the Romanian economy. Many of these effects cannot be controlled by the Romanian Government,” Pogea explained.

After the Govt meeting on Wednesday, PM Emil Boc said that during the informal meeting with the IMF representatives , the EC and WB, a preliminary analysis of the economic situation was drawn up.

„The economic contraction early this year was bigger than the expected one. An adjusted deficit and continuation of the reform measures is needed,” Boc said on that occasion.

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