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EIU: Romania will have economic growth of 1.7% this year

Romania is confronted with harsh measures and will register an economic growth of only 1.7% this year, which will accelerate in 2012, according to Economist Intelligence Unit (EIU).

The institute warns that the resistance to austerity measures may create instability. Romania’s GDP was 0.2% more in the second quarter compared to the first quarter and by 0.3% more than the level recorded in the same period of 2010. For 2011 the government anticipates an economic growth of 1.5%. EIU published on Wednesday new estimates about the world economic prospects. For the category of the new EU member states, including Romania, Bulgaria, Cyprus, Czech Republic, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia, EIU anticipates an economic growth of 3.2% this year, a prognosis improved from the 2.8% level estimated in January, followed by an advance of 3.4% in 2012.

Inflation in the area will be 4.2% this year and 3.1% in 2012

In Bulgaria’s case, EIU anticipates a modest expansion in 2011-2012, in conditions in which quotations of leva against euro limits flexibility and compels the government to a strict budget policy. EU countries in transition- Czech Republic, Hungary, Poland, Slovakia, Slovenia will have an economic growth of 3.2% this year and 3.4% in 2012.

 

Inflation in this area is anticipated at 4.2% this year and will slow down to 3.2% in 2012.

Poland will continue to register some of the best performances in EU in 2011-2012, with a GDP advance of 4% in both years.Hungary will recover slowly and consumption expenses will support an economic growth of 2.8% this year and will slow down in 2012 to 2.5%.Because of the escalation  of sovereign debts in the euro area, the institute reduced the prognosis for this area from 2% to 1.7% this yea and only 1% in 2012.

 

The institute explained that austerity measures will slow down economic growth in the euro area, especially in Greece, Portugal, Ireland, Spain and Italy which have to reduce budget deficits quickly.

Other countries, France included, will try to reduce budget deficit more rapidly than they intended initially. At EU level, EIU anticipates an economic growth of 2% this year which will slow down to 1.2% in 2012.

 

EIU has reviewed estimates to the American economic growth on the downfall, because of problems concerning debts and budget deficit, anticipating a GDP advance of only 1.7% in 2011, compared to the 2.4% increase forese en previously and of 2% in 2012.

Sursa: http://www.actmedia.eu

Tags: growth economic romania euro

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