The European Bank for Reconstruction and Development (EBRD) has downgraded its estimates of Romania’s economic developments in 2020 as a result of the crisis caused by the coronavirus pandemic, according to a report published on Wednesday by the bank.

According to the latest EBRD forecasts, the Romanian economy would decline 4 percent this year instead of advancing 3.2 percent, as forecasted by the bank in November 2019. In 2021, the EBRD expects a 4 percent expansion of Romania’s GDP.

The European Commission has also lowered its estimates of the Romanian economy this year and predicted that Romania will record a significant decrease of 6 percent, after several years of robust growth, while the government deficit is expected to reach 9.2 percent of GDP this year. According to the spring economic forecasts published on May 6 by the European Commission for 2021, Romania’s economy will recover, even if not at the pre-crisis level, thanks to an expected advance of 4.2 percent.

Via Agerpres