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August 12, 2022

Bureaucracy and corruption banish business in Romania

Corruption, taxation and bureaucracy banish the Romanian economy in a top of most attractive countries for doing business, according to Mediafax, quoting a Bloomberg survey.
Romania is 8th in “Best for Business in East Europe and Central Asia” ranking, with Poland coming in pole position. The next places are occupied by the Czech Republic and Hungary, followed by Cyprus, Turkey, Bulgaria, Russia. Romania comes ahead of Croatia and Lithuania.
Although it has the best score of the region in terms of integration rate with the global economy, Romania loses points in regard to the others factors considered by Bloomberg, from the perception of corruption, taxation, protection of property rights and accountancy system to infrastructure or the costs and procedures necessary in order to start a business.
Romania outscores Slovenia and Slovakia, although these countries belong to the euro zone, in terms of attractiveness of the business environment, mainly because of the low cost of labour, adds the survey.
Poland is the best country to do business in Eastern Europe and Central Asia because of its expanding consumer market and improving infrastructure. The ex-communist nation of 38.5 million has been the EU’s fastest-growing economy since the continent’s debt crisis erupted in 2008 and the only one to dodge recession since. Aided by funds from the 28-member bloc, Poland has spent more than USD 80 billion to revamp roads and bridges in the last six years, softening the blow from the euro-area’s record-long slump. Improved road infrastructure helped boost Poland’s business ranking by lowering the cost of moving goods, placing it second in the region behind Turkey.

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