According to estimate released on Tuesday by the European Commission, Romania’s real Gross Domestic Product (GDP) is set to contract by 6% this year, a level similar to the estimate the Commission announced in May.
For 2021, Romania’s GDP is expected to grow by 4%, as compared to the 4.2% estimate in May. Growth prospects are still susceptible to certain risks, the Commission states. The Commission also forecasts an inflation rate of 2.5% this year and 2.8% for 2021. As regards the EU economy, the Commission warns it might be facing a fierce recession as a result of the economic fallout of the coronavirus pandemic, despite swift and far-reaching reactions across the community bloc.