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September 20, 2021

PSD document: Romania’s economic growth is 7pct, as against 5.5-pct promised growth

Romania’s economic growth is 7 percent as against a promised growth of 5.5 percent, reads a document that mentions the latest developments in the Social Democratic Party (PSD) achieving its electoral promises 10 months into office that the party’s National Executive Committee analysed at a meeting on Thursday.

In the chapter “Achieving economic objectives,” the document reveals that, compared to a promised economic growth of 5.5 percent, the actual one reported by Romania is 7 percent, as the actual Gross Domestic Product (GDP) is standing at 842 billion lei compared with a promised 815 billion lei, while the government debt is 37.4 percent of GDP, against a promised 39 percent of GDP.

The document also shows that, in a world ranking of the International Monetary Fund (IMF) for this period, Romania ranks 1st in terms of economic growth – 7 percent, followed by China and India, while in a ranking of the Organisation for Economic Co-operation and Development (OECD) it ranks third, at 6.1 percent, after India (7.3 percent) and China (6.6 percent).

At the same time, according to the document, more than one million Romanians will earn a gross wage of more than 1,000 euros by 2020. In the “PSD social vision” chapter, more than 850,000 jobs are expected to be created, and unemployment is expected to go below 3.5 percent in 2020, while the number of Romanians at risk of poverty or social exclusion should be cut down by 1.5 million also by 2020.

The document shows in the chapter “Achieving social goals” that public sector pay grew by 21.2 percent, compared with a promised 20-percent increase, according to the Ministry of Finance. The minimum wage increased to 1,450 lei, as promised. The pension computation point is 1,000 lei – also as promised, and the minimum guaranteed pension is 520 lei.

According to the same document, there was an increase in governmental receipts by 10.6 percent between January 1 and October 31, 2017 compared with the same period of 2016.

The document also cites from a Eurostat report that shows Romania’s absorption of European funds at 9 percent, with the country being ranked between Germany and France in these terms.

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