The inflation that is currently affecting the global economy will be temporary because the factors causing it are just short-lived, International Monetary Fund senior advisor Liviu Voinea declared at the Bucharest Forum 2021 organized today by the Aspen Romania Institute."Overall, the global economy is in a better place than it was a year ago. But a major challenge has arisen - inflation. Inflation is rising rapidly around the globe and could slow the economic rebound and determine tighter monetary and tax conditions that could impact the most vulnerable social groups. If we look at the factors that drive this rise in inflation, they are of a transitory nature: the decline in inflation in the previous year, the recovery of demand - which wasn't caused by higher incomes but by higher income availability - the congestion of supply chains, the delay in deliveries - all these are not permanent - but also by the major increase in energy prices, especially for gas. Another argument for the transitional nature of inflation is the very success of fiscal support packages, which have helped limit economic losses much faster than in previous crises; thanks to these support packages, the surplus savings accumulated during the crisis now turn into consumption, but this phenomenon won't have long-term effects, as the amount of savings is limited. Therefore, the inflation growth rates are expected to only be temporary," Liviu Voinea explained.On the other hand, the IMF representative pointed out that the uncertainties regarding the fiscal projections, Romania's included, remain unusually high.The IMF senior advisor said that fiscal support measures intended to limit the economic effects of the pandemic cannot be granted indefinitely, so that such support measures should be better targeted to those who really need them.According to the cited source, a return to the pre-pandemic debt level would require more serious fiscal balances than those before the pandemic.
TEKUNI, a program dedicated to students and young entrepreneurs, was launched in Timișoara through a pilot project, with a future goal of nationwide expansion. The program offers a complete training path, structured into 7 modules that cover all stages of building a startup: from idea validation and MVP development to branding, marketing, legislation, finance, leadership, […]
The Romanian capital will be in the spotlight at the festival Un Week-end à l'Est, which runs in Paris until December 1. The event, which aims to present the artistic, literary, and intellectual richness of an Eastern European city, has previously focused on Warsaw, Odessa, Kyiv, Sofia, or Budapest. At its ninth edition, it is […]
Romanian tax agency ANAF has sued former president Klaus Iohannis in order to recover the loss of use of half of a property in the center of Sibiu. “The action represents a continuation of the steps that ANAF has taken for the recognition of the state’s ownership right and the recovery of compensation determined by […]
Romania will face Turkey in the semi-final of the World Cup qualifying play-offs, with the match scheduled to take place away from home on March 26 next year, Biziday.ro reported. A win would send the national team into the play-off final on March 31, where it would meet the winner of the Slovakia–Kosovo match. Romania […]
An exhibition showcasing various depictions of the traditional Romanian blouse ia, including Henri Matisse’s iconic La Blouse Roumaine, is opening this weekend in Bucharest, while Cluj is entering festive mode with...
Mercenary Horațiu Potra, who faces charges of attempting to undermine constitutional order in Romania, is being flown back to Bucharest under police escort after authorities in the United Arab Emirates approved his extradition,
