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| The Week in Review |
| (2011-08-19) |
| Last updated: 2011-08-22 15:50 EET |
Eurostat, the EU barometer has announced a 0.2% growth of Romania’s economy in the 2nd quarter as against the 1st one. ‘’The Financial Times’’ dubs the situation as ‘’the pleasant surprise of Central and Eastern Europe.’’ The Statistics Institute in Bucharest has also confirmed the increase.
Local analysts, however, show caution over the evolution of the coming period. Romania’s economic growth is below its own potential, analyst Lucian Anghel says: ‘’For the time being, our assessment relating to the 2% economic growth for the entire year is more than realistic. But if we look at the half empty glass, we can say that, even if we see this increase, it is one that stands below its potential, with external demand waning and the first effects already visible in the 2nd quarter. As a result, Romania desperately needs to maximize the absorption of European funds and implement infrastructure projects which kicked off a few months ago.’’
For Romania, a low economic growth at a European level translates as a drop in exports. Analysts believe the impact will be felt within a few quarters. They say that, following the reduction of EU demand, the contribution of the industry to the economic growth will be lower and the latter’s contribution will continue to be swayed by lower wages, due to inflation. Authorities in Bucharest, however, remain optimistic regarding the economic growth, as they rely on an unexpectedly generous crop year. Economic growth in the Eurozone slowed down in the 2nd quarter to a 0.2% average as against the previous quarter, following fears regarding the expansion of the sovereign debt crisis. The modest figures registered by the GDP of Germany and France (Europe’s economic engines) have sparked worries.
European stock markets have this week seen the biggest drop of the last two and a half years. The depreciation comes as economic data from the US have fuelled uncertainty regarding the recovery of the world’s biggest economy. The European banking sector, exposed to the debt crisis, has dropped 6.7%, while asset depreciation is of about 30% as compared to the beginning of the year. Romanian stocks have pursued the trend of other European states, Asian stocks have had an undefined evolution, while the Euro has depreciated as against the dollar. According to international news agencies, this evolution proves that measures to reform the Euro zone, put forth by France and Germany, have not managed to rebuild market confidence in the stability of European economies.
Romanian Prime Minister Emil Boc paid an official visit to China, this week. He presented a series of investment projects, whereby, in his view, China could consolidate its gateway to Europe. Romania provides many benefits, such as a low labor force cost, the 16% flat tax and the country’s geo-strategic position, Emil Boc underscored. According to him, the agricultural, the mining, the banking and the tourist sectors, as well as infrastructure, account for areas that foreign investors have insufficiently tapped into. That also includes the Chinese. The Romanian delegation introduced authorities in Beijing to five big investment projects.
Prime Minister Emil Boc: “We are talking about reactors 3 and 4 in Cernavoda, the Danube-Bucharest canal, the Siret-Baragan canal, the Bucharest ring road and the Tarnita plant. These projects can be developed in a public private partnership.’’
The Chinese officials said they were willing to step up efforts to boost relations between the two states.
As of this week, the Romanian Health Ministry has a new chief official. Medical doctor Ritli Ladislau was backed by the Democratic Union of Ethnic Hungarians in Romania and replaced Cseke Attila, who resigned in late July. During the appointment ceremony, the new minister said that reforms began by his predecessor will continue and that, without funds, the medical sector will not be able to operate. Ladislau said that the takeover of the National Health Insurance Agency by the Health Ministry is a measure that will boost the system and said that one of his objectives is the drafting, the adoption and the implementation of a minimal insurance-covered medical service package.
Out of the five football sides representing Romania in the Europa League three have clinched victories while two conceded games in the first leg of the play-off round. Steaua Bucharest and FC Vaslui have defeated Bulgarian side TSKA Sofia, and Czech team Sparta Prague respectively. Rapid Bucharest obtained a victory in Poland against Slask Wrocklaw. Dinamo Bucharest lost their match against Ukrainian squad Vorklava Poltava, while Gaz Metan Medias suffered defeat from Austria Viena. The return games are due next week, while Europa League finals is scheduled in Bucharest on May the 9th 2012.
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