September 23, 2018

Jeffrey Franks: Romania got through the storm and was repaired

On Monday, the head of the IMF mission to Romania, Jeffrey Franks said that Romania is on the right track again but new challenges follow. He said that Romania is like a ship that got through the storm and was repaired, but another storm is forming in the horizon and the necessary conditions are needed to go through it. The IMF chief in Romania also said there is both good news and bad news about the future. The good news is that Romania’s economic growth is back. The country registered four consecutive quarters with economic growth, and it seems the last quarter of 2011 also had a 2.5% growth, which is more than we initially thought, and we expect to see growth in 2012 as well. The bad news is that this growth is insufficient to improve Romanians’ living standards. “1.5 or 2.5 % is better than nothing, but it’s not enough,” Franks said. Regarding the minimum wage, the IMF chief said that if it is increased, employers will hire fewer people and employment needs to be encouraged, so a balance must be found.

Source: Bucharest Herald (read more)

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