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January 21, 2022

Crisis makes Romanians some of the most pessimistic Europeans

The number of Romanians who think their family financial circumstances have deteriorated to a worse status than 12 months before has constantly grown over the last year. A survey co-funded by the European Commission and conducted by GfK Romania on a monthly basis thus shows that 63 per cent of Romanians think their finances are worse compared to October 2008, 33 per cent more than last year.

Whilst a year ago nearly a third of Romanians were saying their financial situation was better compared to the previous year, only nine per cent still said the same in October 2009. Romanians are among the most pessimistic East-Europeans from that point of view. The situation in Poland and The Czech Republic is perceived in negative terms by a much smaller share of the population (33 per cent in Poland and 34 per cent in The Czech Republic), and, in Bulgaria, the segment is also narrower than the one in Romania (52 per cent). When it comes to the following year financial prospects, only 15 per cent of Romanians say are optimistic, a notably smaller percentage compared to the one reported 12 months ago, when 29 per cent answered the same thing. In respect of the general economic situation in Romania, over 83 per cent of the population senses deterioration compared to the same time last year, but the number of pessimists regarding 2010 is slightly smaller: 65 per cent said they expected things to become worse the following year. Almost two thirds of Romanians think prices of goods are higher than they were 12 months ago. As for the price trend in the next year, 31 per cent expect prices to grow faster and 36 per cent expect them to grow at about the same rate as in the last year. More than 82 per cent of Romanians think unemployment will grow in the next 12 months, compared with October 2008 when only 34 per cent feared that. When asked about investing in slow moving consumer goods, 63 per cent do not find this to be the best time to do that, and almost 80 per cent think it is not a good time to save either.

ZEW: 50 pc of analysts expect economic recovery in six months time

On the other hand, the 71 specialists consulted by the German research institute believe the economic situation in Romania to be the worst in the region for the time being. Nearly 40 per cent of the analysts polled by the German institute ZEW count on an appreciation of the RON in the next six months, the percentage being similar to the one of specialists who expect the Romanian local currency to depreciate. From a macro-economic perspective, the signals the 71 experts are sending are mixed. Half of them forecast the Romanian economy to start recovering within six months. On the other hand, 28 per cent believe the economy will be in a more difficult position half a year on.

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