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BNR Governor Isarescu: Romania's external deficit could be kept steady at around 4-5%

Romanians should learn from the economic recession of the past two years to make more haste and less speed, although they have gaps to bridge, Governor of the National Bank of Romania (BNR) Mugur Isarescu told a business forum on Wednesday in Bucharest on business opportunities in Central and South-Eastern Europe provided by cooperation between the Gulf Cooperation Council and Romania.

'In terms of tax policies, we have missed wisdom. We can be excused because 2000-2010 was the first capitalist cycle the Romanian economy lived, with an economic boom in 2000-2008 and recession in 2009-2010. The lesson we have to learn from here, and I say so as an economist, is we should make more haste and less speed. I know we have a lot of catching up to do, but if we step on the gas too much we will get to live the traumatising experience of corrections,' said Isarescu.

The National Bank of Romania estimated that Romania's external deficit could be kept steady at around 4-5 percent of the GDP, which would implicitly lead to the development of a sustainable economy, Romania's National Bank Governor Mugur Isarescu stated on Wednesday, in the the second day of the GCC-Romania-Bucharest Economic Forum.

'The external deficit was reduced from 12-14 percent in 2007-2008, to about 4-5 percent, and we hope to remain in this area. It is a deficit that can be financed even by direct foreign investments, plus the absorption of EU funds, now quite modest. We, at the National Bank, say that we are on the economic growth track. The next cycle of economic growth must be based on stimulating production, to keep up this positive two-year trend. We will be left with a sustainable external deficit, that can be financed, meaning we are entering a virtuous circle ', Isarescu said. The BNR official added that Romania has gone through two years of painful correction, a longer period than originally expected.

'We are after two years of painful correction. It took longer than what we expected in the autumn of 2008 and winter of 2009. We thought we might do in a single year, but finally it came to an end and the data we have now show that this major correction is sustainable. As we see things, at the National Bank, there is a small probability that the imbalances return, but on condition fair economic policies are implemented ', Mugur Isarescu noted.Romanian economy is stable and healthy

The Romanian economy is stable and healthy and grains therefore ready for long-run solid lucrative investments, Governor of the National Bank of Romania (BNR) Mugur Isarescu said on Wednesday, the second day of the GCC-Romania-Bucharest Economic Forum. 'What else can a central bank Governor say on such an occasion [Bucharest Forum]? I think the role of a central bank and the National Bank obviously, in this case, is to inform the Gulf-based foreign investors that the Romanian economy is stable and healthy. There are many and diverse opportunities for long-term solid and lucrative investments in Romania,' Isarescu said.

He also said the Romanian economy was ready for a new cycle of long-term sustainable economic growth.'At present, the Romanian economy is stable and ready for a fresh cycle of sustainable growth. We want this increase to last longer and to rely on factors not leading to the same imbalances of the past, but to diminish them,' the BNR Governor stressed.

BNR expecting 1.5-percent economic growth in Romania in 2011 and 4-5 pct in 2012

The National Bank of Romania (BNR) is expecting an economic growth in Romania of 1.5 percent in 2011 and 4-5 percent in 2012, BNR Governor Mugur Isarescu told a Romania-Gulf Co-operation Council business forum on business opportunities in Central and South-Eastern Europe organised in Bucharest by Forum Invest.He added that in two years of recession, the Romanian economy contracted by nearly 10 percent and the main effects of the recession were a drop in the construction sector and in gross capital formation.

As regards the next developments in Romania's economy, Isarescu said exports are faring well and support for them will continue, which proves that Romania has restructured its economy and will enjoy sustainable growth.'Romania does not necessarily need money, but entrepreneurs, viable projects and people to carry them through. We are a country with many uncompleted projects. There are 40,000 public investment projects awaiting completion. I think that says a lot,' said Isarescu.

Agriculture legislation must be improved

The agriculture legislation must be improved and must encourage the fusion and establishment of efficient farms, which may not necessarily have the minimum 100 hectare arable land, National Bank of Romania (BNR) Governor Mugur Isarescu said on Wednesday, on the the second day of the GCC-Romania-Bucharest Economic Forum.'I believe the agriculture legislation must be improved. I believe a legislation encouraging the fusion and establishment of efficient farms is necessary. I would not mention the 100 hectare area, by I would rather go for the idea of efficient farms,' Isarescu said.

He added that the investments coming from the Gulf area to Romania could represent a very good exposure in Europe for the businesspeople of the Gulf Cooperation Council (GCC) member states.

'I am on the side of those who believe that the investors of the Gulf area can invest in Romania. It is a quite efficient gateway to Europe and the Danube channel can be exploited in this respect,' Mugur Isarescu underlined.

Sursa: http://www.actmedia.eu

Tags: romania isarescu bucharest forum romanian percent growth sustainable mugur economy national romanias governor external deficit economic could bnr

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