Romania's economy will grow by 3.5% this year and by 4.5% on average in the coming two years, while the twin deficits would shrink considerably over the coming three years, according to the latest macroeconomic projection from the country's largest financial group Banca Transilvania (BVB: TLV). The bank thus revised downward its forecast for this year's economic growth from 5.1% envisaged under the latest scenario published on January 17. Therefore, Banca Transilvania remains on the optimistic side, as long as other banks (such as BCR ErsteBanca Transilvania anticipates an exchange rate of 5 lei / euro in 2022, and the average inflation will be 6.9% Group Bank) expect growth rates rather close to 2% this year. Romania's largest financial group grounds its expectations on "an evolution supported by the continuation of the investment cycle, with an impact for the other components of the GDP," according to Banca Transilvania's research note, quoted by Ziarul Financiar. "We have updated the forecasts for the dynamics of the Romanian economy in the short and medium-term by incorporating the latest global, European and domestic macro-financial developments, including the INS provisional estimates on performance in Q4 last year and the pandemic year 2021. According to the new forecasts, Romania's economy could grow with annual dynamics of 3.5% in 2022, 4.4% in 2023 and 4.7% in 2024." The scenario also includes a significant reduction of the current account (CA) gap from 7.1% of GDP in 2021 to 5.5% of GDP this year and under 5% of GDP in 2023 to no more than 3.3% of GDP in 2024. The gap rose to 7.4% of GDP in the 12 months to January 2022. BTRL remains optimistic in regard to the fiscal consolidation as well, envisaging a public deficit of 5.0% of GDP this year, 3% of GDP in 2023 and 2.5% of GDP (under ESA) of 2.5% of GDP in 2024.
DropCoal, the experiment developed by the Romanian InSpace Engineering (RISE) with the support of the European Space Agency (ESA), is now operational on the International Space Station (ISS). Astronaut Donald Pettit installed it last week in the ICE Cubes Facility, and the entire process went smoothly, according to RISE. The experiment will run for 6 months […]
While half of Romanian households manage to save money each month, 57% of these savings are kept in cash, according to the 2024 Debt Barometer, a study conducted by IRES in partnership with KRUK Romania. The research looks at financial habits, spending priorities, and debt payments, highlighting a pressing need for economic education and tailored […]
Romania’s national football team defeated Cyprus, 4-1 (2-0), on Monday, November 18, and consolidated its position as leader in Group C2 of the Nations League. The match began in Bucharest’s National Arena, and Romania scored immediately through forward Daniel Bîrligea. Cyprus responded with their own attacks but Romania scored again right before halftime. Back on […]
In an official statement marking 1,000 days since Russia began its full-scale invasion of Ukraine, US ambassador to Bucharest Kathleen Kavalec said the United States and Romania "stand together to counter the threats posed by Russia in Ukraine and in Europe" and thanked Romania for its support for Ukraine and its citizens. "Romania has shown […]
Radiology and dental tomography network DigiRay has acquired the three Maraffka clinics in Ploiești, a city 60 km north of Bucharest. This is DigiRay's third acquisition after buying the Dental Scan centers in Bucharest in 2021 and YTS Dental View in Oradea, in northern Romania, this year. DigiRay (Clinică Dentară S.A) was founded in 2011 […]
BeeFast, the Romanian tech startup specializing in instant delivery management solutions, announces securing a USD 450,000 investment. The funds will be used to accelerate BeeFast's international expansion and further develop its SaaS (software as a service) platform, which is revolutionizing the way companies manage their ultra-fast delivery fleets. Amid a consistent and organic increase in […]
