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Adrian Vasilescu: restructuring - only chance to reduce deficits

Restructuring represents the only chance to reduce the deficits in the Romanian economy, says Adrian Vasilescu, adviser for the governor of Romania's Central Bank (BNR), in an article published on Wednesday in Ziarul Financiar.

Romania's GDP is low compared with the country's population of almost 22 million, considers Adrian Vasilescu. Vasilescu says some sectors of the Romanian economy are profitable and other sectors are not and the only solution for bringing prosperity is restructuring the entire economy. He compares Romania's GDP, which slightly exceeds 100bn euros, with the one in smaller European countries, such as Finland, Belgium, Switzerland, where the value of this economic indicator stands at 200-300bn euros. In an economy in which the big stakes are not productivity, competitiveness and efficiency - says Vasilescu - the over-effort to produce more would entail more imports, more money and a bigger consumption of fixed capital. In this context, the usual losses caused by the wasting and the obsolete way in which work is organized in many local companies, especially in the state-held ones, would rise. Sursa: http://www.rompress.ro

Tags: vasilescu adrian restructuring bnr

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