The present situation is a very complicated one from the economic point if view, the risk for recession has increased significantly and it is possible to have a slight recession this year, says on Monday Adrian Codirlasu, chairman of the Association CFA Romania during a meeting with the press.‘In these conditions, the risk for recession I would say has increased significantly. So, it is possible to have a slight recession this year. What could change to get us a harder recession? It would be a downgrading of Romania to the non-investment-grade category. If you actually look at the economic fundamentals, like the two deficits, the current account deficit and the budget deficit, they take us out of the investment-grade category. In case we are downgraded? Yes, we can expect a severe recession, which also comes with higher interest rates and the depreciation of the leu’ explained Adrian Codirlasu.Asked when we could see clearly if Romania was going to face a recession this year, he stated that the answer could come in the first part of this year.'As numbers, when we see the first GDP figure for the first quarter. I wouldn't be surprised if it's slightly negative, because basically, until the elections, I don't think investors are going to make big steps to invest in Romania. Therefore, we could see this slightly negative development of the economy in the first half of the year, and after the elections it will matter for us to keep this rating how credible the government's fiscal policy will be. Whether it will be the same government or a new government, but the credibility of fiscal policy will be crucial. Again, what the rating agencies are saying, the fact that they are keeping us in the investment recommended rating category, is precisely the fact that they are members of the European Union and we are taking European money. So it is essential that we take European money and stick with pro-European policies. I think that a turn towards Euroscepticism will certainly lead us to a rating that is not recommended for investment', said Adrian Codirlasu. The budget for this year is built on economic growth of 2.5% and a budgetary deficit of 7% of GDP.
President Nicușor Dan has nominated Senate president Ilie Bolojan, a leader of the National Liberal Party (PNL) and former interim president, for the prime minister seat. Dan said Bolojan is “the best person to carry out the needed adjustments in the state administration.” He pointed to Bolojan’s track record with reducing spending, and said he has […]
Balkanik Festival – Home of World Music, set to take place at Uranus Garden between September 5 and September 7, lines up this year artists who "celebrate that form of joy that does not ignore reality, but faces it with beauty, energy, and solidarity," the organizers said. The artists performing in September in Bucharest will […]
The mayor of Timișoara, Dominic Fritz, announced on Friday, June 20, that two new bridges over the Bega River will be built in the city. The bridges will be financed with EU-backed funds worth over RON 130 million. The bridges in question are the Solventul Bridge, which will connect Gării Street to Dâmbovița Boulevard and […]
A Sarmatian necropolis nearly 2,000 years old was discovered after archaeological excavations were carried out at the Mehala II site in the municipality of Timișoara, in western Romania. Researchers discovered 15 inhumation graves, most arranged in rectangular pits with rounded corners, although some no longer retain their original outline, having been disturbed by the passage […]
The George Enescu Philharmonic Orchestra will deliver on June 26 a concert marking Romania Day at the Osaka World Expo. Additionally, the Bucharest-based orchestra will present a series of other concerts and recitals, both within the Romanian Pavilion and outside, at Toyonara Hall in Osaka. The George Enescu Philharmonic Orchestra's concerts will be conducted by […]
Sphera Franchise Group, the largest food service group in Romania, has opened its first Cioccolatitaliani store in the seaside resort of Riccione, in Italy’s Rimini tourist area. This marks the official launch of Sphera Group’s development plan for the premium Italian brand of coffee, gelato, and pastry. Under the plan, it will open four locations […]
