PM Ungureanu: Full absorption of European funds would mean 4.4-pct economic growth in 2014-2020

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Prime Minister Mihai-Razvan Ungureanu said on Tuesday that the full absorption by Romania of the European funds allocated to it would lead to an economic growth of 4.4-percent in 2014-2020.

‘What does the full absorption of the allocated European funds mean? It means an average economic growth of 4.4 percent in 2014-2020 and a significant shrinkage of development gaps. If we are serious about our job, Romania’s per capita Gross Domestic Product in 2020 will be 65 percent of the EU average, compared with 46 percent in 2010, which is a jump of almost 20 percentage points,’ Ungureanu said at the beginning of a meeting of the Interministerial Committee on European Funds Absorption.

He added that the absorption target for 2012 included in the Government programme is over 6 billion euros.

‘This is an absolute priority of the Government. I make you responsible for achieving the target,’ Ungureanu told the committee.

He added that the European funds mean large public and private investment projects and an increase in the productive potential of the country by a higher capitalisation of the workforce.

‘An increase by one percentage point in investments would generate a 0.29-percent rise in the GDP. A one-percent rise in the GDP means Government revenues by 0.82 percent higher. An increase in the efficiency of the use of the production assets by one percentage point will generate a 0.89-percent increase in the GDP,’ Ungureanu said.

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