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March 16, 2023

Franks: There is economic growth in Romania and it will continue

Statistically speaking there is economic growth in Romania, a growth justified by the drop in the unemployment rate and by industrial growth, Jeffrey Franks, the chief of the IMF mission to Romania, stated on Monday evening on Realitatea TV. He added that Romanians should not expect an overnight change in their living standards as a consequence of this growth since its effects will be felt in time.

“We had growth in the last quarter and there are clues that this growth is continuing this quarter too, so all indicators point to growth this year and we maintain our growth forecast at 1.5 per cent or maybe even more. Romania has already registered a drop in the unemployment rate, industrial growth, jobs are recovering. It takes some time before the effects will make themselves felt for the population,” Jeffrey Franks pointed out.
He added that Romania had a “very deep recession partially caused by the international crisis and by the severe imbalances that existed in Romania before the onset of the global crisis,” however we will start to reap the benefits of this growth.

“There are still some risks, that is why the authorities have taken the decision to sign a new precautionary agreement with the IMF and the World Bank. I believe it was a wise decision. I want to state that the patient is recovering, but that is why it’s good for him to be insured against unpleasant events,” Franks added.

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