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.
Prahova County launched construction on a major cycling infrastructure project aimed at connecting local vineyard towns and promoting green mobility and sustainable tourism. The initiative, titled “Establishment of Bicycle Lanes on Bachus’s Route,” represents an investment of over RON 25 million, with RON 21 million coming from non-reimbursable funds provided by the Environmental Fund Administration. […]
Forvis Mazars, the international audit, tax and advisory services partnership, is pleased to announce the launch of its International German-Romanian Desk, an initiative aimed at addressing the demand for integrated cross-border tax and legal support between Germany and Romania. The Desk combines a highly qualified German team of lawyers with an interdisciplinary Romanian team of […]
Last week, the BBC reported that Romanian authorities have launched an investigation into Tristan Tate, brother of controversial internet personality Andrew Tate, over allegations he broke election laws by posting political content on social media during the recent presidential elections. The investigation, opened by the Ilfov county police according to the British newspaper's sources, is […]
Bucharest is facing growing environmental challenges, with traffic-related air pollution, shrinking green spaces, and worsening climate impacts threatening the health and well-being of its residents, according to the latest “State of the Environment in Bucharest” report released by the Bucharest Community Foundation through the Environmental Platform for Bucharest. For example, air pollution has already reached […]
Octavian Bellu, the former coach of Romania’s national women’s gymnastics team, has been appointed president of Friends of WPK, a new initiative launched in Romania by Wiener Privatklinik (WPK), one of Austria’s leading private hospitals. The initiative aims to build a community of Romanian patients who share their personal medical experiences to raise awareness of […]
Maia Sandu, the president of the Republic of Moldova, has been awarded the Franz Josef Strauss Prize by the Hanns Seidel Foundation in recognition of her commitment to democratic values, the rule of law, and her support for Ukraine. The award ceremony took place in the Kaisersaal of the Munich Residenz and was attended by […]
