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| WHO IS AFFECTED BY THE CRISIS? 04/03/09 |
| (2009-03-04) |
| Last updated: 2009-03-05 14:27 EET |
He warned that Romania faced the danger of being already weakened when the effects of the global economic crisis reach it. Isarescu emphasised that Romania has certain peculiarities related to its economic cycle, which is delayed as compared to that of Western Europe, which is why a distinction must be made between real and virtual crisis phenomena, which are sometimes overblown and at some other times distorted.
The governor explained that most of Romania's foreign debt was generated against the backdrop of commercial banks competing for market share, and that currency reserves are not enough because they are no longer tied to imports, but to the short-term commercial debt. A prospective loan contracted by Bucharest from the International Monetary Fund would be intended precisely to protect the country's currency reserve, Mugur Isarescu added. Because of the financial and economic crisis, the value of overdue payments of consumer loans has considerably increased in Romania, particularly for foreign currency loans.
Central bank data indicate that in January 2009, delayed payments of foreign currency loans rose by 46%, while delays in the repayment of loans in the national currency, the leu, increased by 10%. Another sector affected by the crisis is the leasing market, which experts estimate will drop this year by some 20 to 30 per cent. On the other hand, a survey by Mednet Marketing Research Center and Media Xprimmm, indicates that one in three Romanians say they are directly affected by the crisis, and only 15% state they are not at all affected.
According to the survey, people living in major cities in Romania feel more severely affected by the crisis than those who live in Bucharest. As for their incomes, 34% of the Romanians believe they will be “significantly” affected, 27% believe their incomes will decrease, while 25% expect the impact to be minor. But it seems there will also be “crisis-proof” sectors. A poll worked out by the Austrian institute for economy, Zew, and Erste Bank, reveals that the foodstuff industry, agriculture, industrial equipment producers and telecoms seem to be safe from the financial crisis, both in Romania and elsewhere in Central and Eastern Europe.
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