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EBRD revises Romania 2011 economic growth forecast upwards

Romania's economy will grow by 1.1 percent this year, as compared to an October 2010 forecast that had anticipated an expansion of 0.9 percent in 2011, reveals a report of the European Bank for Reconstruction and Development (EBRD) made public in Vienna on Monday.

The EBRD also changed its outlook of the Romanian economy's decline in 2010 to 1.9 percent from a 2 percent forecast made in October 2010.The bank says the economic recovery that began in most parts of emerging Europe last year is continuing in 2011 but facing increased downside risks. 'Economic prospects have improved slightly in recent months in Bulgaria and Romania (...). In Romania, the government has managed to remain on course with the IMF program by implementing harsh austerity measures that will help to keep the fiscal accounts under control,' EBRD said in its latest quarterly economic forecast.

The bank said the southeast Europe continues to lag behind other regions in terms of the pace of recovery from the crisis, with the exception of Turkey, where growth is now proceeding at a rapid pace.

For 2011, EBRD expects the economy will pick up to 1.9% in the region, up from a growth of 1.6% previously predicted.

Sursa: http://www.actmedia.eu

Tags: forecast growth economic romania

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