Following a strong rebound in 2021, the global economy is entering a pronounced slowdown amid fresh threats from COVID-19 variants and a rise in inflation, debt, and income inequality that could endanger the recovery in emerging and developing economies, according to the World Bank’s latest Global Economic Prospects report. Romania’s economy has advanced by 6.3% in 2021 and will grow by 4.3% this year and 3.8% in 2023, according to the latest edition of the World Bank’s Global Economic Prospects. Last year’s advance was revised upward from 6% projected in June, with the forecast for 2022 and 2023 revised downward accordingly. Overall, WB’s scenario is only marginally less optimistic than Government’s assumptions. In Central Europe - a region including Bulgaria, Hungary, Poland and Croatia besides Romania - growth is forecast to moderate alongside the euro area, from 5.7% in 2021 to 4.7% in 2022 and 3.7% in 2023. Although activity is likely to be disrupted in the near term from the spread of the Omicron variant, the subregional economy will benefit from firming domestic demand over the forecast horizon. In particular, investment and government revenues are expected to be bolstered by funding from the European Union (EU) Recovery and Resilience Facility - the largest component of the Next Generation EU funds. If fully implemented as planned by end-2026, these reforms and investments could help lift productivity by narrowing the digital divide and accelerating technological adoption. Measures that improve administrative capacity and governance could help boost the absorption of these funds in Central Europe.
For the Romanian IT companies, an important sector in the local economy, 2024 meant fewer new contracts, a much longer time needed to attract new business, increased labor costs amid legislative changes, and an unfavorable global context, according to a report filed at the end of last year by the management of the Employers' Association […]
German company Schieffer Industries will build a plastic components factory for the automotive industry on a plot of land at the entrance to the municipality of Hunedoara in Romania. Works on this investment are expected to be completed in the fall of this year so that production can start at the end of 2025, the […]
The Romanian state would consider the option of returning as a majority shareholder of utility group Electrica (BVB: EL) again and is analyzing ways to do this, sources told Economedia.ro. "It's a working scenario," other sources told Economedia.ro. Currently, Electrica is a listed company on the Bucharest...
Local carmaker Dacia has officially launched its Bigster model for orders in Romania on January 9, with prices starting at EUR 23,000 (VAT included) for the Essential version. The price goes up to EUR 29,500, with VAT, for the top version, Journey Hybrid 155. Deliveries to showrooms are expected to begin in spring 2025, with...
The leaders of the ruling coalition made up of the Social Democrats (PSD), Liberals (PNL), the Democratic Alliance of Hungarians (UDMR), and the minorities' group met on Wednesday evening, January 8, to decide on the new dates for the presidential elections. According to the agreed election schedule, the first round will take place on May […]
Events are slowly picking up as the holiday season has ended and the Bucharest offer this weekend includes several concerts and exhibitions. In Bucharest: Budapest Gypsy Symphony Orchestra - 100 Gypsy Violins January 11 Sala Palatului is set to become the “playground” for this ensemble bringing together “virtuosity and an infectious zest for life” to […]
