Stiri	Stiri afaceri	Stiri companii	Evenimente de afaceri

Capital Economics: Romanian economy to contract in 2010

According to Capital Economics, a macroeconomic research company, Romania's economy will contract in 2010 for the second consecutive year by 0.5 per cent as a consequence of the rise in unemployment and non-performing loans, but also of the reduction of Government expenditures.

‘It is premature and a bit worrying to talk about recovery. The outlook has certainly improved but there are many risks,' Neil Shearing, economist within Capital Economics, stated in an interview for Bloomberg quoted by Mediafax. Neil Shearing claims that ‘non-performing loans will continue to grow and the labor market will continue to deteriorate, further exposing the banking sector. There are too many uncertainties. And not lastly, next year we will witness a shrinking of fiscal expenditures.'

France and Germany, countries on which Romania depends for its exports, have come out of the recession in Q2 and most of the analysts estimate a recovery in most of Eastern Europe by the end of the year. The unemployment rate in Romania in July stood at 6.3 per cent, up by 0.3 per cent compared to the previous month and by 2.7 per cent compared to the same month last year.

In the first part of the year Romania registered the lowest unemployment rate growth in the EU, with the unemployment rate in Q1 being 0.5 per cent higher than the level registered in the same period last year, according to the Eurostat data presented in early September.

According to the National Bank of Romania (BNR), the balance of the debt left to be paid within the total loans contracted by the population and by the companies has risen in July to RON 5.9 bln, up by 7.4 per cent compared to June. Nevertheless, the value of the debt is more than two times higher than the RON 2.8 bln level registered at the end of last year. The share of the debt left to be paid within the total loans has risen by 0.2 per cent from 2.76 per cent at the end of June to 2.96 per cent in July.

Sursa: http://www.nineoclock.ro

Tags: capital economics bnr

Articole similare