President Basescu, wary of economic analyses

President Traian Basescu told a meeting on Saturday with mayors and business people of Dolj County that the economic decline in the last months of 2009 will be smaller than in the third quarter, but that Romania’s economy will not get out of the crisis before the Western trade partners of Romania have recovered.

The President said he cannot provide figures for the economic development and that he is distrustful of economic analyses, because ‘even the economists of the International Monetary Fund (IMF) have been proved to have been wrong in their analyses.’

‘I was wrong to believe all the economic analyses, so I am choosing not to be live them any more. The IMF officials told me Romania will witness a 4-percent economic decline in the first part of the year, but three months later they told us that the decline will be 8 percent in fact.

Since IMF officials can be wrong, it is a sign that I cannot trust economic analyses any more, and in the future if I want to find out about the state of the Romanian economy I will phone Economy Ministry Videanu to see for instance whether energy consumption is up, because that is a sure indicator of how the economy is faring,’ said Basescu.

He mentioned that economic growth now is only in the vocabulary of politicians, not in the one of analysts.

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