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| 2010 BUDGET PROSPECTS 30/12/2009 |
| (2009-12-30) |
| Last updated: 2009-12-31 12:40 EET |
The two laws were built on principles agreed upon with the IMF, the European Commission and the World Bank. The Romanian Prime Minister Emil Boc has stated that the 2010 budget will be an austerity one, but it will create the necessary background for a revival of the Romanian economy, and focus will be laid on supporting the business environment and creating new jobs. In keeping with the draft laws, in the first two quarters of the year economic activities will continue to downsize, but by the end of the year a growth of 1.3% of the GDP is expected. The 16% flat tax will stay in force, just like the 19% VAT.
The other estimated targets are: a 3.7% inflation rate, an unemployment rate of 7.3% and a current account deficit of 6.5 billion Euros, accounting for 5.1% of the GDP. Budget revenues will stand at 66.6 billion RON, 18% more than in 2009, and budget expenditure at 101.7 billion, 9.62% more than in the previous year. Moreover, next year Romania will get 5.7 billion Euro from the EU. As for the exchange rate, it is estimated that it will stand around the value of 4.25 RON for one Euro. The draft budget has been harshly criticised by the media. ‘A populist budget’ headlines EVENIMENTUL ZILEI, writing that for a year which is expected to be even more difficult that 2009, the government came up with a budget that has nothing to do with real life.
The same newspaper writes that the 2010 budget is by no means favorable to investment, as the earmarked amounts are one third smaller than in 2009, though spending on state staff will be 15% higher. “ A higher salary budget’ reads the daily JURNALUL NATIONAL, noting that budget austerity is nothing but a mere verbal statement. Though everybody talks about massive lay offs next year, many public institutions will get more money for salaries. According to the 2010 draft budget, the ministries of labour, justice, telecommunications and the Court of Accounts will get twice as much as in 2009 for salaries.
Also, the presidential administration will benefit from a 12% increase in the expenditure budget, especially for the head of state’s visits abroad. ADEVARUL has a message for all Romanians: ‘Life in 2010 is 15% more expensive’. Why? Because higher excises and the elimination of subsidies in agriculture will trigger a chain increase in the prices of almost all types of products and services, from fuels to electricity and food.
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2025-04-03
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