November 21, 2017

Economy not recovered – IMF

The International Monetary Fund (IMF) estimates that Romania had zero economic growth in 2012, following a GDP growth of 2.2 % in 2011, and expects a relatively modest growth of around 1.5 % this year, Erik de Vrijer, head of the IMF evaluation mission, stated during a press conference in which the conclusions of the 7th and 8th evaluations that started on January 15 and ended yesterday were presented. “The growth is relatively weak, partly because after a financial crisis the recovery takes time, partly because of the external environment, then because of the weather in 2012, but, likewise, because the implementation of reforms and the absorption of funds was not as fast as we planned,” Vrijer stated. The government estimates that Romania had an economic growth of 0.2 % in 2012, and this year’s budget is based on a real GDP growth of 1.6 % year-on-year. The agreement with Romania cannot be considered derailed for now because the government took the commitment to adopt corrective measures in order to reach the goals set in the program and seems serious to apply what it promised, Erik de Vrijer stated. The head of the IMF’s evaluation mission added that the government asked for a three-month delay, which means that these evaluations will be finalized at the end of June through a vote within the IMF’s Executive Board.

Source: Nine o’clock (read more)

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