This year should be a year of truce, a resilient year in many sectors and in which no economic contraction is expected, Bogdan Nichisoiu, Coface Romania rating manager, told at a press conference on Wednesday."2024 should be a year of truce. A resilient year on very, very many sectors, very many vectors of economic traction. I look at what our whole profession, yes, and in a broad sense, what the IMF says, what the European Commission forecasts, yes, so this whole portfolio of predictions for 2024, the common denominator is that for Romania nobody is pointing to recession. So this range of economic growth is between 2.4 - 3.5%, obviously the option, the most optimistic prediction being that of the Government, but it is important to note that nobody is predicting a recession, a contraction of the economy. We practically join this thesis. Why? Because we believe in the resilience of private consumption in 2024. This is an election year. Statistically in the last 30 years, no election year has ever had a contraction in private consumption. We have a tight labor market. I don't think, it would be the surprise of the century for me to see an exacerbation of unemployment. The money will continue to stay in the pockets of employees. A real salary that stays in positive territory. Even if we have this kind of inflection point in January, we still see inflation in this range at the end of the year of 5.5 to 6 percentage points. We think that nominal wages will increase by about 7 - 8 percentage points, real wages we see in a positive zone. Again, this is an ingredient that should bring resilience to private consumption," said Bogdan Nichisoiu.He said that without a major external shock he does not see a "frugal figure" in the consumption area in 2024, as it was in 2023, of 1.9%, but a higher one.However, the impact of energy costs is more diluted and if things stay as they are in the Middle East they do not massively impact the liquefied natural gas ecosystem on which Europe depends.
The Babeș-Bolyai University of Cluj-Napoca (UBB) has established an endowment fund, which the institution described as a "strategic" financial mechanism aimed at supporting academic excellence and ensuring the long-term sustainability of university projects. The initiative is a first of its kind in the local academia, UBB said. The endowment fund involves attracting donations/financial resources and […]
Romanian authorities are reportedly considering imposing an access fee for the Transfăgărășan mountain road. The funds would be used for setting up decent parking areas, selecting merchants, and similar initiatives. The beautiful, winding road is one of the most visited tourist attractions in the country. Local authorities say the funds from an eventual toll would […]
Colombian reggaeton superstar J Balvin will perform in Dubai for the first time this November, headlining Untold, the globally recognized festival born in Romania. The event will take place from November 6 to 9 at Dubai Parks and Resorts, featuring more than 100 international acts across five stages. The festival is staged in partnership with […]
More than 17% of Romania’s population faced severe material and social deprivation last year, which was one of the highest shares in the EU, according to the statistical bureau of the European Union - Eurostat. In 2024, 6.4% of people in the European Union faced severe material and social deprivation, a slight decrease compared to […]
The Freedom and Respect for Every Earthling association will hold the March for Animal Rights in Bucharest on October 4, to mark International Animal Day. The march will start at 11 AM at the National Theater Park, and will go on to Piața Victoriei. Organizers say they aim to bring to the forefront the suffering […]
Several Israeli citizens got into a fight on a plane flying from Israel to Bucharest on Monday, September 15. Upon landing, Romanian police issued several fines. The scandal reportedly broke out for religious reasons. The argument involved roughly 30 passengers of the flight from Tel Aviv to Bucharest. At one point, seven passengers started to […]
