Isarescu: Better for Romania’s economic growth to be 4 pct per annum if this is its potential

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It will be better for Romania’s economic growth to be 4 per cent a year if this is its potential , instead of 7 per cent, Governor of the National Bank of Romania (BNR) Mugur Isarescu told a conference on Wednesday on Romania’s economic outlook.

„I hope we will learn once and forever that if we speed up economic growth beyond a sustainable level in pre-election times, we only speed up its decline in the post-election ones. Romania should want a long development cycle with as few declines as possible. It would be better for a 4-per cent economic growth, if this is the potential of the country’s economy, than 7 per cent, and spread out over 10-12 years. Concomitantly with such type of economic growth I believe we have to finalise Romania’s infrastructures. Remember, this is not physical infrastructure I am talking about, such as transport infrastructure, by the healthcare and education ones”, said Isarescu.

He added that education, as well as healthcare, is a major source in securing the human capital that is so important in the modern economy.

In a recent report, the Economist Intelligence Unit forecast a 2.4-per cent growth in Romania’s economy in 2013, boosted by bump harvest and an increase in exports to non-EU member states, with the economic growth expected to speed up in 2014-2017 at below 4 per cent.

The National Economic Projections Board kept at 1.6 per cent its estimates of the increase in Romania’s Gross Domestic Product (GDP) in 2013, in its latest medium-term spring forecasts.

The National Bank of Romania and Finmedia on Wednesday held the 11th edityion of the event ‘Mugur Isarescu and his guests.’ The theme chosen by Isarescu for this year was Romania’s economic outlook.(National News Agency AGERPRES)

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