The International Monetary Fund (IMF) revised its forecast for Romania’s economy upwards to 7% under its October 12 World Economic Outlook (WEO), up from 6% envisaged under its spring forecast round. (Details on :https://www.imf.org/en/Publications/WEO/Issues/2021/10/12/world-economic-outlook-october-2021?mc_cid=51539b3358&mc_eid=cd1f92f96c) Nothing surprising, the figure is in line with the Government’s expectations and the latest World Bank forecast (+7.3%). Among the European Union countries, only Ireland (13%), Estonia (8.5%) and Hungary (7.6%) will grow faster than Romania. The country’s economy will further rise by 4.8% in 2022 to later stabilise around a growth rate of 3.5% (2026) under the Fund’s scenario. On the downside, the IMF has revised its forecast for Romania’s current account (CA) and inflation forecast upwards. While the inflationary path is in line with a global pattern, Romania’s structural external deficit is specific to its economy and a growing concern. The IMF expected under its spring forecast that Romania’s CA gap would subside to 4.5% of GDP (from 5.2% in 2020), but it revised its projection to 5.7% of GDP in 2021 and 5.5% of GDP in 2022.
În cautarea paradisului pierdut (In search of the lost paradise), a documentary film looking at the phenomenon of reverse migration from urban to rural areas, will be screened in Bucharest this week. The film highlights the experiences of those who decided to reconfigure their lives and leave the urban environment for the rural one. The […]
The publicly-traded Romanian shipbuilder Orşova Shipyard, BVB ticker symbol SNO, partially owned by Longshield Investment, recently secured two significant contracts with Rensen-Driessen Shipbuilding B.V. from the Netherlands. As per the contracts, the Romanian shipyard will construct and deliver two river vessels with a combined value of EUR 8.58 million. The delivery dates are set for […]
From ancient customs, old beliefs, and folk magic, Romania has come a long way in defining cultural beliefs. Today, many are fascinated by the old beliefs and find inspiration in their heritage and cultural roots. But how does spirituality look in modern Romania and how did it develop through the ages? The Roots of Traditional […]
The Romanian Ministry of Foreign Affairs has established a logistical support center in Valencia, eastern Spain, to assist Romanian citizens affected by the severe flooding caused by Cyclone DANA. The new center, located at Plaza del Alfonso el Magnánimo in Valencia, is staffed by officials from the Romanian Embassy in Madrid and Consulates in Madrid […]
Romanian president Klaus Iohannis promulgated on Tuesday, November 5, the law that allows the local referendum of Bucharest to be held on the same day as the first round of the presidential elections,
The European Film Academy revealed the nominees for the main categories of the European Film Awards 2024, and Anul Nou Care N-a Fost/The New Year That Never Came, the first fiction feature written and directed by Bogdan Mureşanu, is on the list. The Romanian production is one of the six running in the European Discovery 2024 – […]
