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Isarescu: Romanian Unemployment To Grow

Romanian unemployment will increase in the following period and Romania needs more flexible labor regulations, structural reforms and "the courage to create new jobs," central bank's governor Mugur Isarescu said Friday.

"The frictional and structural unemployment will certainly increase in the future," Isarescu said.The frictional unemployment refers to unemployed persons in transition between jobs, while the structural unemployment is a result of an imbalance between labor offer and demand.

Isarescu added that flexible labor regulations, structural reforms and "the courage to create new jobs" are solutions to keep the unemployment rate under control.

Unrest To Hit Romania's Economy In '09

The unrest due to the uncertainties caused by the international financial markets is one of the main problems Romania's economy will face in 2009, the central bank's governor Mugur Isarescu said Friday."As regards the tension, we were the most nervous. (...) Unrest caused by uncertainties is one of the main issues we will face next year," Isarescu said. Economic analysts predicted that Romania's economic growth would slow down significantly next year, on the backdrop of the international financial turmoil. From more than 8% in 2008, the analysts see a GDP growth below 4% in 2009.

According to analysts, the first signals of the negative economic outlook will be obvious in the last quarter of 2008, when the GDP growth will slow down to 6%. Romania's Prognosis Commission forecasts a gross domestic product growth of 9.1% for this year and 6% for 2009. The central bank sees GDP up 8-9% in 2008 and 4-5% in 2009.In the first six months of the year, the economy grew by 8.8% in real terms, boosted by a 9.3% growth in the second quarter of the year.

Romania's Economy Growth At 3%-6% In ‘09

Romania's economic growth in 2009 is seen between 3% and 6%, and the economic situation will depend on the diagnosis accuracy and the policies mix, central bank's governor Mugur Isarescu said Friday."An efficient cure depends on an accurate diagnosis," Isarescu said.The governor said that 2008 is for Romania the tenth consecutive year of economic growth and the launch of premature anti-crisis programs could have severe consequences."(...) The decision of the next government and our decision requires a lot of professionalism," Isarescu said. The Government recently approved a fiscal support package, which requires EUR10 billion funds in the next four years. Economic analysts predicted that Romania's economic growth would slow down significantly next year, on the backdrop of the international financial turmoil. From more than 8% in 2008, the analysts see a GDP growth below 4% in 2009. A poll made by Mediafax among 11 Romanian and foreign analysts showed that the economy will grow by 8.2% on average in 2008 and will fall to 3.4% in 2009. In the last quarter of 2008, the gross domestic product will grow by 6%, according to analysts. Moody's analyst Kenneth Orchard even predicted a moderate recession in Romania. Romania's Prognosis Commission forecasts a gross domestic product growth of 9.1% for this year and 6% for 2009. In the first six months of the year, the economy grew by 8.8% in real terms, boosted by a 9.3% growth in the second quarter of the year.

 

Sursa: http://www.rompress.ro

Tags: growth economic analysts economy romanias romanian unemployment isarescu

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