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Romania’s Economy 2015

The European Commission and the EBRD have upgraded their economic growth forecast for Romania.
According to estimates at this point, the European Commission has upgraded its economic growth forecast for Romania in 2015 to 3.5%, as opposed to the 2.8% it expected in May. The GDP is expected to grow by 4.1% in 2016, and by 3.6% in 2017, as a result of better consumption against tax cuts. Inflation is expected to stay at a negative 0.4% this year, and negative 0.3% next year, getting back to 2.3% in 2017.
Government debt is expected to go down to 39.4% of the GDP this year, going up subsequently to 40.9% of the GDP in 2016, and to 42.8% of the GDP in 2017. The budget deficit will reach 1.2% of the GDP this year, with 2.8% next year, and 3.7% the following year, according to the European Commission estimates.
The European Commissioner for the Euro and Social Dialogue, Valdis Dombrovskis, said that economic forecasts suggest that Romania’s economy will improve, which would not have been possible without decisive action in reforming public finance. He also added that continuing structural reform was extremely important, in addition to ensuring the sustainability of public finance and short and medium term economic growth through responsible budget policy.
According to a study conducted by Ernst&Young, Romanian business leaders are confident that their businesses will grow this year, just as the whole economy will. Over one third of business people expect their turnover to increase significantly, while half of them are optimistic about the country’s economic evolution.
The IMF has revised its economic growth forecast for Romania, from 2.7% to 3.4% this year and from 2.9% to 3.9% for 2016.


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