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| Economic Austerity Measures 26/05/2011 |
| (2011-05-26) |
| Last updated: 2011-05-27 12:15 EET |
Romanian economy is back on track to economic growth after emerging from recession, Bucharest authorities have announced. Certain measures are yet needed to ensure the growth is sustainable, among which restructuring state-owned companies, making more jobs available, and enhancing EU-fund absorption.
Bucharest officials are hopeful regarding the country’s economic prospects. Speaking at an international financial conference held in Bucharest, PM Emil Boc said that investment opportunities in Romania are again on the rise, while the country has emerged from recession and enjoys a high macroeconomic and political stability.
The Romanian official believes the country will recover from the crisis in the coming period and consolidate its economic growth. This is largely owing to government efforts to bring its fiscal and budget policies in line with the monetary policies of the National Bank of Romania. Among measures aimed at boosting economic sustainability is restructuring public utilities and state-owned companies.
PM Emil Boc explains: “We’ve set out on this path because any state-owned company that doesn’t undergo reform and any loss making public utility translate as money taken from taxpayers. First, we will draw up a comprehensive analysis of each company and public utility in Romania and, according to their status and performance rates, we will either pass them into private hands, restructure or sell them, in such ways as to ascertain their development in the long term”.
Romania’s economic potential is soaring because more jobs have been made available and more funds have been disbursed from the budget for investment, added the Romanian PM. Emil Boc said that some 8 billion euros were shelled out for investment in 2010, an amount that will be increased to 8.5 billion euros this year.
In turn, the governor of the Romanian Central Bank, Mugur Isarescu, explains: “Little by little, the public sector needs to give place to the developing private sector, since this is Romania’s future. I believe we should avoid developing the public sector and social security schemes in particular more than the economy can endure, as we did in the 2005-2008 period”.
Mugur Isarescu insisted that an economic growth that eyes not just the increase of the GDP but the inflation rate as well is preferable to ensure a healthy economic recovery. The governor of the National Bank of Romania also drew attention to the depreciation of the exchange rate, which might backfire later on.
Instead of influencing the exchange rate, the government should take up other methods, such as rendering Romanian products more competitive, curbing production costs, setting up new retail markets and advertising companies, as well as undertaking structural reforms and reforming the labour market.
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