Economy shrinks beyond forecasts
Romania’s economy declined by up to ten per cent between March and June 2009, according to Jeffrey Franks, head of the IMF delegation to the country. September 2009 - From the Print Edition
Meanwhile Romania’s GDP has shrunk by 8.8 per cent after the first six months of this year compared to the same period in 2008, according to data provided by National Institute of Statistics (INS).
At the same time Franks revised his prediction about the decline of the Romanian economy in 2009, from four per cent to 8.5 per cent. He expects to see only a modest recovery at the beginning of 2010. This is in line with European Commission predictions.
The IMF has also agreed with the Government for Romania’s budget deficit target to be revised from 4.6 per cent to 7.3 per cent.
This October the European Commission will make an evaluation of Romania’s economic situation, before granting the second tranche of the five billion Euro loan granted to Romania to help the country through the international financial crisis.
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