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| The Prospects of the Romanian Economy |
| (2011-11-25) |
| Last updated: 2011-11-28 13:36 EET |
Romania’s President Traian Basescu proves once again that the country’s economic development is his major concern. Attending a conference held in Bucharest by the prestigious British group “The Economist”, the president spoke at length about a whole range of economic subjects.
The state budget for 2012, the absorption of European funds, the reduction in the number of state employees, Romania’s goal to join the Euro zone in 2015 and the policies pursued by the foreign banks operating in Romania are some of the topics approached by the President. In his opinion, what’s important for the 2012 budget is not investment alone, but also diminishing Romania’s dependence on foreign loans.
The first step to achieve this goal is to reduce the budget deficit from 4.4% this year to 1.9% in 2012, and the absorption rate of European funds is of capital importance in this respect. The President speaks about 6 billion Euros, while the skeptics, says the President, speak about 4 billion. The recent recommendation of the Central Bank of Austria for the commercial banks in this country, which have a strong presence in Romania, to reduce their capital inflow in the non-euro states has sparked a strong reaction from the President:
Traian Basescu: “You have had huge profits in Romania from 2000 until 2009. If today you are considering withdrawing your finances from the Romanian economy in these times of crisis, we will consider this move to be a lack of fair play in relation with Romania.”
This message was not without response from the Austrian bankers. The governor of the National Bank of Austria, Edward Nowotny, and the people in charge of the Austrian bank subsidiaries in Romania have given assurances that Romania will remain a key market.
As for the future of the country, the President is very optimistic. He believes Romania will be able to export food in 2030 given its huge and as yet unexploited agricultural potential, will become a paradise for tourists and people will be able to take high speed trains from Constanta, on the Black Sea, to Paris and London. In the meantime, we will have to wait and see if the President’s expectations will ever be fulfilled.
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