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Mugur Isarescu: There will be no economic recession in Romania

Access to banking loans, correlated to a better absorption of European funds, is to result in the improvement of the current economic situation in Romania, Romanian National Bank's (BNR) governor Mugur Isarescu said late last week, on the occasion of the second National Forum on Sustainable Growth and Environment Protection.

He added economic growth in Romania this year will stand somewhere around 6 percent, with the Prognosis Institute estimating a 6.5 percent growth, and Isarescu stressed there are no signs of economic recession for the near future in Romania, at least not while referring to the definition of economic recession economists are familiar with, recession being then growth of a national economy is so weak that the economy reaches negative growth for two consecutive quarters. In the BNR governor's opinion, around 6 percent economic growth Romania Romania will most probably reach this year is close to the country's potential, so that 'we should better stop accelerating before entering the economic overheating area.' In terms of inflation, BNR maintains its relatively positive message saying that, with adequate measures to be taken, including some of monetary policy, the inflation level will be brought closer to the target during the second half of the year. Nevertheless, more important than reaching the target is, according to Isarescu, turning the prices on a downward trend, because when this happens, the monetary conditions will also gradually improve. 'We have received positive signals concerning the current account deficit too, this being an important problem of Romania, which I believe is already competing with the absorption of community funds. We must then have the wisdom to restore the foreign balance, better said to reach a diminution of the foreign imbalance,' he stressed. The BNR governor added that in terms of financial brokerage Romania reported in 2007 quite significant growth. Thus, while Romania reported the lowest financial brokerage level in Europe, in 2000, except for Albania, below 10 percent, in 2007 it reached the level of Poland, of 36-37 percent, showing it is almost ready to rank somewhere in the middle of the European countries.' Sursa: http://www.rompress.ro

Tags: economic romania growth recession isarescu percent bnr

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