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| THE ECONOMY-DEVELOPMENTS AND WARNINGS (8.05.2007) |
| (2007-05-08) |
| Last updated: 2007-05-08 20:16 EET |
Bucharest has received a warning and good news alike from the European Commission. EU commissioner for economic and monetary affairs Joachim Almunia said that Romania might face disciplinary action from the EU if the budget deficit soared past the 3% threshold. The excessive deficit procedure might be enacted against this country, which applies to any country that exceeds the maximum threshold admitted by the Union.
For Romania, as well as for other new members in the same situation, the procedure will translate as cuts in regional funds. The Romanian government has set a 2.8% of the GDP as a maximum threshold for this year’s budget deficit, and if the first quarter trends are confirmed, the final percentage will be even lower.
As for the good news, the European Commission has improved forecasts on Romania’s economic growth in 2007 and 2008, the envisaged rates being 6.7% and 6.3% respectively, higher than what authorities in Bucharest estimated. That is almost one percent in addition to their own forecasts last fall.
The European Commission seems very optimistic as far as the actual rise in the GDP is concerned and it believes this will stand at 6.7%, while Bucharest is more modest when it expects a figure two tenths lower. The European Commission also estimates that in 2007, the total investment amount will rise by 14.6%, instead of the 10.5% anticipated last fall. This assessment dovetails with the conclusions of a survey made by the consultancy company Ernst & Young. According to the latter, Romania ranks first as far as foreigners’ preferences for direct investments in South-Eastern Europe are concerned.
200 managers working for international companies were polled for the survey, which looked at how those companies perceive the countries they choose for investments. Romania ranks first, with 58% of the respondents’ preferences, followed by Turkey with 49% and Greece with 48%.
The same survey shows that, between 2001 and 2005, Greece attracted hardly 4% of the total direct foreign investments in South-Eastern Europe. The lion’s share went to Romania that attracted 40% of the total investments, while Bulgaria attracted 25% and Turkey 20%. The survey covered seven countries: Bulgaria, Cyprus, Greece, Moldova, Romania, Serbia and Turkey.
(Mihai Radulescu)
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2025-04-03
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