SMEs minister: Economy to further drop in H1, 2010

Minister for SMEs Constantin Nita on Wednesday told a press conference in Brasov (central Romania) that the economic downturn will continue in H1 of 2010 but not at the level of 8%-8.5% expected at the end of 2009.

„In my opinion, at the end of 2010 we will witness economic growth of 0.2% to 0.5%. At least this is the forecast of the IMF which I cannot deny at the moment,” Nitra said.
He mentioned that in H1 of 2009 some 100,000 SMEs stopped their activity.

„We haven’t got the necessary data yet to tell how many SMEs were shot down because of the minimum tax, how many because of a small demand and how many because of the lack of lending on the banking market, but what we know for sure is hat they generated a high number of unemployed and the impossibility to contribute to the state budget,” Nita said.

Constantin Nita reminded that the Social Democrats and Liberal Democrats, the two coalition parties in power, worked on a set of measures aimed to boost economy, such as scrapping the minimum tax on turnover, in exchange for the lump sum tax, scrapping the tax on reinvested profit and creating jobs, which is believed to stimulate the business environment.

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