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EBRD: 2012 economic slowdown specific to all European emerging markets, not only Romania

The cut economic growth forecast for 2012 is not specific to Romania, but to all the European emerging markets and it is the result of the situation in the Euro Area, where to the exports are directed, the EBRD director for Romania Claudia Pendred told a press conference of the Foreign Investors Council on Wednesday.

The GDP cut for 2012 is not specific to Romania. It is a problem of the emerging markets in Europe. Very many analysts reduced the projections for the GDP for Romania, but also for other states in Europe due to the evolution of the exports, which are going to be diminished because of the problems in the Euro Area. Romania exports to the EU the most and the consumers' confidence in the Euro Area is plunging, therefore the exports will diminish in the period ahead, the European Bank for Reconstruction and Development official stressed.

Pendred said some projections say Romania in 2012 will have 1 percent growth, others say below 1 percent, the IMF estimates an economic growth at around 2 percent and the EBRD says 1.1 percent.

The EBRD on Tuesday cut the Romanian economic growth forecast by 2.7 percent to 1.1 percent amid the large exposure to Greece's economy. The Romanian authorities anticipate the national economy will grow some 3.5-4 percent next year, but the projection could be revised after a fresh round of talks with the IMF and the European Union at end-Oct.

Sursa: http://www.actmedia.eu

Tags: romania percent markets emerging specific european economic euro

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