A mission from the International Monetary Fund (IMF), led by Jan Kees Martijn, will pay a visit to Bucharest from November 5 to 8 to analyse latest economic and financial developments and to update macroeconomic forecasts.An IMF mission, led by Jan Kees Martijn, will visit Bucharest from November 5 to 8 for a routine visit. The IMF team will analyse the latest economic and financial developments and will update the macroeconomic outlook, according to the IMF announcement signed by Geoff Gottlieb, IMF Regional Representative for Central, Eastern, and Southeastern Europe.In its latest "World Economic Outlook" report, recently published, the IMF revised down its forecast for Romania's economic growth this year to 1.9%, from the 2.8% projected in April.According to the new figures published by the IMF, after a 2.1% growth last year, Romania's economy will slow down to 1.9% this year, and is expected to accelerate to 3.3% in 2025. In the spring, the IMF had forecast a 2.8% growth for Romania's GDP in 2024, which has also been revised down from the 3.8% growth projected last autumn.At the same time, the international financial institution expects a continued worsening of Romania's current account deficit, to 7.5% of GDP in 2024, up from 7.1% of GDP forecast in April. The IMF predicts a slight reduction in the current account deficit, to 7% of GDP in 2025, compared to a previous forecast of 6.8% estimated in the spring. According to the IMF's forecasts, Romania's current account deficit will remain at a high level, even in 2029, when it is expected to reach 5.9% of GDP.Currently, Romania does not have a financing agreement with the International Monetary Fund, but the IMF evaluates the development of the Romanian economy annually, based on consultations under Article IV.The consultations represent a mandatory surveillance exercise for all member states. The purpose of the consultations under Article IV is to examine the national financial and economic situation and to provide general recommendations regarding monetary, fiscal, and economic policies to ensure stability and positive development of the economy.
Ion Iliescu, Romania’s first president after the fall of communism in December 1989 and one of the country’s most influential and controversial political figures, died on Tuesday, August 5, at the age of 95. His death was announced by the government, which expressed condolences to his family and stated that details regarding the state funeral […]
A large medieval cemetery was discovered this week at the Hasdeu High School in Lugoj, western Romania. The complex may have extensions into the surrounding yards and a high historical importance. Although the excavations are only just beginning, with an estimated 10% of the necessary work completed so far, the discoveries have already showed promise. […]
A trilateral working meeting for the creation of a regional cybersecurity alliance between Romania, the Republic of Moldova, and Ukraine took place on July 30 in Chernivtsi, Ukraine. The establishment of such a union would boost Romania's role in region. "The National Cybersecurity Directorate considers that the initiative to establish a cybersecurity coalition between Romania, […]
Two Dacian gold bracelets from the collection of the National History Museum of Romania (MNIR) have been recently 3D scanned as part of a digital preservation project highlighting these exceptional archaeological pieces. The initiative, launched by the museum, aims to showcase the artistry and cultural significance of Dacian goldsmithing. Crafted with remarkable skill, the spiral-shaped […]
Arad, a city in western Romania dubbed the “Little Vienna,” will organize a celebration of its history and culture in the Austrian capital, between August 8 and 20. The Days of Arad Culture begin on August 8 with the photo exhibition "Arad of Yesterday and Today," which will highlight the architectural connection of the city […]
In a report published on Tuesday, August 5, the Group of States against Corruption, or GRECO, said that Romania has fully implemented two of the 26 recommendations made in the 2023 Fifth Round Evaluation Report on preventing corruption and promoting integrity among top executive functions of the central government and law enforcement. Out of the […]
