Romania among the rising stars in the PwC ESCAPE index

Despite the global financial crisis, most emerging markets have continued to make progress since 2007 in their bid to escape the ‘middle income trap’, according to PwC’s new ESCAPE index, a press release informs. The “middle income trap” occurs when a country’s growth plateaus and eventually stagnates after reaching middle income levels. Romania has shown remarkable improvements since 2000, from 37th ranked to 24 in 2012.
The advanced economies as a whole have fallen back since the global financial crisis hit in 2007, with the notable exception of Australia. “If we take a look at Romania’s economic development over a longer period of time, we see a remarkable evolution compared to the year 2000. But this is not a guarantee that our country will avoid the <middle income trap> and will make a steady transition to being a developed economy. We need a national project that will foster reindustrialization, attract foreign investments and help consolidate local capital in order to win the modernization wager”, stated Vasile Iuga, Country Managing Partner, PwC Romania.

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