{"id":81091,"date":"2019-03-18T13:46:00","date_gmt":"2019-03-18T11:46:00","guid":{"rendered":"http:\/\/devrri.freshlemon.ro\/news-and-current-affairs\/newsflash\/stable-economic-prospects-81091.html"},"modified":"2024-02-19T08:32:17","modified_gmt":"2024-02-19T06:32:17","slug":"stable-economic-prospects","status":"publish","type":"post","link":"https:\/\/www.rri.ro\/en\/news-and-current-affairs\/today-in-the-news\/stable-economic-prospects-id81091.html","title":{"rendered":"Stable economic prospects"},"content":{"rendered":"<\/p>\n

<\/a><\/p>\n

The Standard & Poor’s (S&P) financial
\nrating agency has reconfirmed the rating related to Romania’s government debt
\nto BBB-\/A-3 for the long and short term debt in local and hard currency as well
\nas the stable outlook. Also S&P estimates that Romania’s economy will slow
\ndown even more this year, to stand at 3.5%, due to a more reduced external
\ndemand and a lower level of private investments. According to the agency, last
\nyear the growth rate of the GDP dropped down to 4.1% from the very high level
\nof 7% reported in 2017, when the fiscal stimulation measures and the favourable
\nexternal environment prompted Romania’s economic boom. For the period
\n2020-2022, S&P expects a moderate growth towards a more sustainable level
\nof 3% annually. The future growth trajectory will depend on the progress made
\nin passing institutional reforms and on the rate of success of increased
\ndomestic investments, for instance by means of boosting the absorption of
\nEuropean funds, S&P also shows. In another move, S&P remarks an obvious
\npropensity for immigration among young people, among the educated labour force
\nas well as a gloomy prospect on the improvement of general life conditions. S&P
\nwarns that if the authorities don’t take action to bring the people in the
\nDiaspora back home, they will not be able to ensure a more robust growth
\ntrajectory for the economy and a sustainable way of managing the dynamics of
\nthe population’s rapid aging.<\/p>\n

<\/p>\n


\n <\/p>\n

The agency also draws attention to
\nthe increasing fiscal pressure that will linger in the absence of corrective
\nmeasures. The current account deficit will probably grow at almost 5% of the
\nGDP, S&P writes. The national bank of Romania still enjoys a high
\ncredibility rate and the awaited amendments to the new banking tax will probably
\nensure the policies’ efficiency. S&P estimates that the general
\ngovernmental deficit will deepen, going up to 3.3% to 3.5% of the GDP in 2019
\nand 2020 respectively, as a result of a slowdown in economic growth and of
\ngovernment expenses, and against the backdrop of preparations for the 2019
\npresidential election and the 2020 parliamentary elections. S&P’s decision
\nto maintain the stable outlook for Romania is a fair one, which acknowledges
\nand confirms the current economic realities of Romania, says Finance Minister
\nEugen Teodorovici. According to the finance ministry officials, Romania’s
\nstrengths underlying the S&P decision are the moderate level of public and
\nforeign debt and the effort to maintain the economic growth prospects. The 2019
\nbudget law passed by the Romanian government and promulgated by president Klaus
\nIohannis is based on an economic growth of 5.5%, a 2.7% deficit and a GDP of
\nalmost 200 billion Euros.<\/p>\n

<\/a><\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The Standard & Poor’s (S&P) financial rating agency has reconfirmed the rating related to Romania’s government debt to BBB-\/A-3 for the long and short term debt in local and hard currency as well as the stable outlook. 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