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December 6, 2022

Isarescu: Sweden and Turkey, examples of economic development for Romania

‘In today’s globalized world, learning from other countries’ experience is of utmost importance. And while it might be true that no one really learns but from his own mistakes, one can hope that some other mistakes may be avoided when learning from other people’s experiences,’ said Mugur Isarescu, National Bank of Romania (BNR) Governor in his opening speech at Conference “Overcoming economic problems, the experiences of Sweden and Turkey: an inspiration for Romania?” held yesterday. The event was attended by His Excellency Mr. Anders Bengtcen, Ambassador of the Kingdom of Sweden, and His Excellency Mr. Omur Solendil, Ambassador of the Republic of Turkey, Mr. Klas Eklund, Senior Economist at the Swedish Bank SEB and Adjunct Professor of Economics at the Lund University and Mr. Cagri Memisoglu, Deputy General Manager at Garanti Bank Romania.
The size of the economies and the development level is different in these three countries. For example, according to Isarescu, in a list compiled by the International Monetary Fund for the year 2012, Turkey ranks 17th, with a nominal GDP of USD 795 billion, while Sweden ranks 22nd with a nominal GDP of USD 525 billion (Romania is 56th, with USD 170 billion). GDP/capita is also rather different. ‘I believe that we have much to learn from the Swedish and Turkish experience since they have been market economies for a longer period of time compared to Romania,’ said the BNR Governor.

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