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European Commission revises down economic growth forecast for Romania

The European Commission estimates that in 2009 Romania will report an economic growth of 0-0.5 percent, said on Thursday evening at a private TV channel, Minister of Public Finance Gheorghe Pogea.

According to the official of the Ministry of Public Finance, the European Commission revised down last week the projection of economic growth for Romania, after it had previously estimated for this year a growth pace of the gross domestic product (GDP) of 2.5 percent, whereas the economic growth forecast by the National Bank of Romania (BNR) is of some 2.3 percent. On the other hand, the International Monetary Fund (IMF) has recently warned against a prospective recoil of one percent of the Romanian economy in 2009.

In February, Minister Gheorghe Pogea said that in the first quarter of 2009, the economic growth will be below 1 percent and that in the first half of the year this tendency of contraction of the economy will strengthen, but once the recovery plan at international level will be enforced, the economy will recover starting the second quarter.

The Governor of the National Bank of Romania (BNR), Mugur Isarescu, said this week that all the forecasts of economic growth will be revised down, and Rumania cannot stay isolated from what is happening in the world.

'The phenomena of crisis are real and serious and my information and intuition tell me all the forecasts of economic growth will revise down, at least from the world's economy, that definitely Romania cannot remain isolated from what is happening in the world,' he said.

Last year, Romania reported economic growth of 7.1 percent, allowing for the slowdown in the last quarter of 2008 to 2.9 percent.

 

Sursa: http://www.rompress.ro

Tags: romania economic growth percent commission european bnr

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