Romania’s economic growth might exceed 3 percent

Romania’s economic growth might exceed 3 percent in 2010, appreciated economist Giovanni Ravasio, former adviser for economic questions of Romania’s Government in 2001-2008.

Attending a meeting of the association of the Italian companies in Romania, Unimpresa, on Tuesday, which was also attended by Minister of Public Finance Sebastian Vladescu, the Italian economist said that the lowest point of the crisis in Romania was in mid-2009 or in the third quarter 2009, which was practically the end of the recession, and the figures for the fourth quarter 2009 would give positive signals.

When building the budget for 2010, the Romanian authorities considered a 1.3 percent economic growth. Ravasio said that the budget deficit target for 2010, which amounts to 5.9 percent of the GDP, was realistic and credible and if economy increased much more, above the predicted 1.3 percent level, then the deficit target would be easier to reach.

The Italian economist explained that every percentage point of economic growth brought a budget excess amounting to 0.3-0.4 percent of the GDP, and an additional 2 percent economic growth for Romania in 2010 would bring a budget excess amounting to 0.8 percent of the GDP.
As Romanian economy grew and contracted at the same time with European economy, Romania will be carried away by this positive wave that is quite obvious in Europe and the economic growth predicted by the Romanian authorities can be topped, said Minister of Public Finance Sebastian Vladescu in his turn, who added that there were signs that European economies were recovering and that he hoped that the Italian economist’s estimation for Romania should come true.

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