Romania presents a lot of opportunities and is well placed as far as economic stability is concerned, Financial Supervisory Authority (ASF) President Misu Negritoiu told the “Forbes CEE Forum – Reinventing Growth in the Emerging Markets” on Tuesday.
“Romania presents many opportunities and is well placed as far as economic stability is concerned. If we take a look at the Romanian non-banking financial economy, Romania is at top of the countries with good macro-economic stability, as its economy resumes growth. Romania has undergone recession, but the subsequent economic growth should not be the result of large debts, which mean capital account deficit in technical terms,” Negritoiu said.
According to the ASF official, the rise in exports was mainly due to the operations in industry and the private sector, and to direct foreign investments implicitly.
“It’s a reality, Romania’s contribution to GDP that resumes growth, and unlike the first two quarters with recession, Romania can see economic growth based on consumption. The capital account deficit registered a deviation from sustainable growth, Romania underwent major restructuring programmes, from minus 11.6 percent, today it’s almost balanced when it comes to its current account deficit, down to minus 1 – minus 2 percent. Exports advanced and the main pillar is the industry and the private sector. We still depend upon agriculture and although we must be an agrarian country, we still have problems at this chapter. Without a social crisis and pressure, Romania has a fantastic ability to absorb these adjustments. Romania is very well placed in historic terms, the best position compared to our neighbours,” the ASG chair said.
Forbes Romania organizes on Tuesday and Wednesday in Bucharest the event “Forbes CEE Forum – Reinventing growth in the emerging markets”, attended by top representatives of the economic-financial environment in Romania.