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| The Latest Economic Developments in Romania |
| (2012-05-15) |
| Last updated: 2012-05-15 17:23 EET |
Romania has again plunged into technical recession after two successive quarters of decline, a situation it found itself in before, between 2008 and 2011. Economic growth went down by 0.1% in the first quarter of the year as compared to the period between October and December 2011. This trend was forecast by economic analysts, who were expecting however a bigger contraction, of 0.2 or 0.3%.
Experts believe that Romania’s economy will see a growth of around 1% this year, below the 1.5% figure predicted by the International Monetary Fund. Against this difficult background, the authorities in Bucharest are concerned about the recent devaluation of the national currency against the main foreign currencies. Every day, the National Bank reports record high exchange rates against the euro.
Analysts predict further depreciations of the local currency and business people say their economic impact will become visible soon enough. The depreciation of the leu is in line with similar trends seen by other currencies in the region against the backdrop of the worrying economic and political situation in Greece. After a discussion with the governor of the Central Bank, Mugur Isarescu, Prime Minister Victor Ponta has given assurances that his government and the National Bank will coordinate their actions to cope with the possible problems caused by the latest exchange rate developments.
Victor Ponts says his cabinet is ready to take all necessary measures to tackle any kind of problem that may appear at European level: “Poland has seen an even more significant alteration of its exchange rate, despite its good economic performance. The problems that have appeared at European level and for which no solution has been found yet are naturally also affecting non-euro countries. I am very confident in the way in which this problem is being tackled by the National Bank. As far as government actions are concerned, these will be coordinated and absolutely in line with those of the bank.”
According to Adrian Vasilescu, an advisor to the National Bank governor, the Central Bank is prepared to cope with the possible problems that the Greek banks in Romania may encounter. Vasilescu admits though that it wouldn’t be good for Romania to face a risk coming from Greece, because that would have a negative impact on its exports. The euro states have reiterated their commitment to keep Greece in the euro zone, but have called on the Greek authorities to push ahead with efforts aimed at reforming the country’s economy.
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