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UNCTAD: Romania's economy to rise by 2.5% in 2011 and by 4% in 2012

Romania's economy will grow by 2.5 percent in 2011 and by 4 percent in 2012, after a 1.5 percent decline in 2010, according to evaluations released on Tuesday by the United Nations Conference on Trade and Development (UNCTAD).

After the significant economic slump in 2009, the EU new member states in Eastern Europe reported a slight improvement in 2010. The recovery was mainly sustained by the export revival, thanks to a higher foreign demand, according to a report published on Tuesday by the UNCTAD.

The aforementioned institution warns that the revival is still faint for most economies. Only Poland and Slovakia displayed a solid economic performance in 2010, their economies rising by more than 3.5 percent last year. The economic decline continued in Latvia, Lithuania and Romania in 2010.

On average the economies of the new EU state members went up by 1.9 percent in 2010, after a 3.6 percent decline in 2009. All governments of the new member states committed to unyielding measures for a more severe taxation for the years to come, to reduce the budget deficit below the 3 percent target set by the EU.

For the economy of the Eurozone, the UNCTAD estimates a 1.3 percent increase in 2011 and a 1.7 percent increase in 2012, after an advance of 1.6 percent in 2010, and the economy in the EU is expected to advance by 1.6 percent in 2011 and by 2 percent in 2012 after a 1.7 percent advance in 2010.

The impact of the austerity measures and the high rate of unemployment could lead to a less intense economic activity in Europe, a report reads. Without a common reaction from the EU, the trust in the euro could suffer. There is the risk of euro appreciation along with other European currency and, as a consequence, of less competitive exports and a lower economic growth.

The UNCTAD warns that maintaining financial frailty will affect banking crediting and investment revival, and the consumer expenses will drop unless the conditions on the labour market improve more rapidly, Agerpres reports.

Sursa: http://www.actmedia.eu

Tags: percent economic economy after unctad euro

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