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Romania might see recession after Q1

Romania might see recession, technically speaking, after the first quarter of 2009, Raiffeisen Bank Romania chief-economist Ionut Dumitru told a banking seminar on Wednesday.

He explained that, with Romania's Gross Domestic Product (GDP) having dropped by 3 percent in the last quarter last year on the previous quarter, and with drop having been estimated for the first quarter of 2009 on the 4th 2008 quarter too, that is the economy recorded drops for two consecutive quarters, technically, the country should appear as entering recession.

Nevertheless, the Raiffeisen Bank chief-economist said there still exist serious chances for Romania to see economic growth in 2009 and estimated a growth rate by 0.5 percent in 2009 and by 1.5 percent in 2010. In his opinion, investments in infrastructure are very important for the country, with Romania benefiting from a a quite significant growth potential on this segment.

'I advise foreign analysts to come to visit the country, to see how badly we need to invest in infrastructure. It will become thus obvious that, by only carrying out investments in infrastructure, Romania will manage to avoid recession in 2009. We just need to draw projects and to absorb the money,' Ionut Dumitru said.

In 2008, Romanian recorded an economic growth of 7.1 percent, with the last quarter of last year having seen slowdown in economic growth by 2.9 percent.

 

Sursa: http://www.rompress.ro

Tags: romania quarter recession growth percent

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