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May 16, 2021

Economic growth forecast for Romania likely to be revised

Finance Minister Gheorghe Ialomitianu said on Monday that, in the present global economic context, Romania will have to revise its economic growth forecast, alongside the other EU member states. When asked whether a decision had been made to renounce the promised public wage raises, Gheorghe Ialomitianu stated, quoted by Realitatea.net, that such a decision can be made only in the wake of the International Monetary Fund’s and the European Commission’s next mission to Bucharest. Referring strictly to Romania, the Finance Min argued that neither the budget deficit target, nor the principle of preferential allotment of public funds to investments, could be revised. “The budget deficit is not negotiable, we have to reach a deficit target under 3 pc. We cannot endanger investment expenses as Romania’s only chance to make it through this period lies in investments (…) Depending on the fiscal leeway at our disposal, we will make a decision concerning the recovery of staff costs and other expenses, but we cannot endanger investment expenses and the budget deficit target, as we have to emerge from the excessive deficit procedure,” the minister added.

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