IMF: Romania’s economic drop of 8 – 8.5 pct means severe recession

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An economic drop of 8 – 8.5 percent for 2009 means severe recession for Romania and mirrors the evolution in the first half of this year, said on Monday Jeffrey Franks, who heads an International Monetary Fund delegation currently visiting Bucharest.

A minus 8 or 8.5 percent from the viewpoint of the economic decrease is a severe recession, Franks stressed.
He added that most of the factors leading to such a presumption reflect the things that have happened in the first half-year and less what is going to happen.

The first quarter was worse than we anticipated, Franks said, adding that the second quarter will show this too was much below ‘our original expectations’.

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