Romania's Economy; Buckle Up  

Oleh:

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Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 401 no. 8763 (Dec. 2011), page 53.
Topik: International Relations; International Trade; Recessions; Banking Industry; Economic Policy

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.69 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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After two years of recession and austerity, Romanians could do with good news. So this week's announcement that the economy grew by 4.4% year-on-year in the third quarter of 2011 was greeted warmly. But the cheer is unlikely to last, thanks to knock-on effects from the euro-zone crisis, a banking squeeze and loan repayments to the IMF due next year. Gheorghe Ialomitianu, the finance minister, describes as "prudent" a 2012 budget that is working its way through parliament. Its measures include a freeze on public-sector wages and pensions, a levy on health care and privatisation of some state assets. Such moves, the government hopes, will trim its budget deficit to just 1.9% of GDP next year, from 4.4% this year. But this depends on some rosy assumptions, including growth of around 2% and more cash from the EU. The European Bank for Reconstruction and Development recently cut its growth forecast for Romania in 2012 from 3.8% to 1.1%. Yet the banks may present the greatest difficulties. Some 16% of Romania's banking sector is in the hands of Greek institutions.

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