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EBRD: Romania's economic prospects worse than thought

The economic prospects of Romania are worse than we thought not long ago, president of the European Bank for Reconstruction and Development (EBRD) Thomas Mirow told Radio Romania Actualitati public radio, quoted by Agerpres..He recalled the EBRD has cut from three percent down to one percent the Romanian economic growth forecast in 2009.

We focus in Romania on supporting the banks and thus we launched the first leu bonds early this week, the EBRD head said. He added the decision to issue bonds will have immediate impact and it is a proper manner to answer the crisis. The bonds are worth 115 million lei, they have 10-year maturity and are to be listed on the Bucharest and London Stock Exchanges.

Mirow pointed out that the financial backing measures given the Western banks should also take into account those banks' subsidiaries in the emerging states.

It would be politically and morally irresponsible if countries in Central and Eastern Europe, that have integrated into the world economy recently, felt they are left aside the moment a crisis arises. There is liquidity in many subsidiaries in the region, but the banks no longer offer the same financial support packages because of the new risk standards, the EBRD official stressed.

At end-January, the EBRD forecast a real growth of the Romanian gross domestic product at one percent in 2009, while in the previous projections made public in November 2008, the institution estimated that Romania this year will see its economy grow by three percent. It is the worst growth rate predicted this year for a Southeastern European country, as the EBRD predicts the economy of Serbia and Bulgaria would grow by two percent; the forecast growth for entire Southeastern Europe is 1.5 percent.

 

Sursa: http://www.actmedia.eu

Tags: percent economic

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