BNR adviser Croitoru: Romania’s economic shrinkage might tone down in Q4

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The shrinkage of the Romanian economy in Q3, 2009 will be major probably similar to the reduction of Q2, although a slight correction might be reported allowing for the favourable external signs, said on Wednesday, Lucian Croitoru, adviser to the Government of the National Bank of Romania (BNR), present at a news conference on financial issues.

According to him, Romania’s economy might show signs of enhancement only as of Q4, 2009 when the economic negativity might lessen.
Romania’s gross domestic product, lowered by 8.8 percent in Q2 and by 7.6 percent in the first half of this ye, show the results of the Nationals Statistics Institute (INS).

Romania will resume the economic growth relatively later compared to economically developed states, but not more than 8-12 months, said BNR’s adviser Lucian Croitoru.
Croitoru said that Romania entered the crisis one year one year and a half compared to developed states and the crisis came swiftly on four channels: trade, financing, confidence and exchange rates.

Croitoru also said the first signs of crisis’ coming to an end have started to be seen: the price of assets has stabilised in the United States, the oil price went up, the world trade seems to recover and the United States are expecting a 2.l5-percent economic growth in Q4.

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