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December 2, 2022

Radu Vasile: Romania will be devastated if the crisis returns

There is little chance that Romania escapes unscathed from a new wave of economic crisis, former PM Radu Vasile warned on Realitatea TV. Vasile, who is scared by such a scenario, said on Friday during a TV show that the effects of crisis will be devastating. “Nobody disputes the collapse that will follow a return of the crisis to Romania. This is an undisputable fact. The problem is if it does. If crisis returns, it will put us down. We cannot withstand this type of crisis,” the former premier said. According to Radu Vasile, a second wave of the crisis will have wider effects that will affect the Romanian economy much seriously than the first. “This crisis will be different from that of 2009. It is not just a financial-banking crisis. It will certainly spread to the real sector. It will be much worse!” Vasile warned.

The former PM thinks it is foreign demand, rather than the local market, that contributed to the economic growth. Plus, the austerity measures sapped the purchasing power, and the only hope of economic recovery is represented by government investments, which are at a very low level.

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