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.
If you’re searching for a hidden gem in Europe, Romania is calling your name. Tucked between the Carpathian Mountains and the Black Sea, this country is an untouched marvel, combining natural beauty, rich history, and endless opportunities for entrepreneurs and retirees alike. Romania offers a unique blend of modern life and ancient charm, making it […]
Let’s talk about the lack of connection with our body and how this is closely tied to burnout, plus, what to do about it. So often throughout the day, we live almost entirely in our minds. We’re focused either on what we have to do at the moment—tasks that increasingly demand mental effort over physical […]
Six men and one woman from Romania have been accused of recruiting dozens of children and adults from foster care centers, whom they then transported to Hungary, where they turned them into slaves, forcing them to work under inhumane conditions. The accused are from the localities of Ozun and Chilieni, Covasna County, Romania, and allegedly […]
The Museum of Collectivization, the first in Romania dedicated to the forced collectivization period of the communist era, is set to open a new wing, Corp B, funded through the EU-backed National Recovery and Resilience Plan (PNRR) and co-financed by the National Cultural Fund Administration (AFCN). With the new building, the museum located in Tămășeni, […]
Romania’s “Madrigal – Marin Constantin” National Chamber Choir, conducted by Anna Ungureanu, will be in Luxembourg and Belgium, as part of the “Bridges Across Europe/Punți peste Europa” European tour, where it will perform five extraordinary concerts. The performances will take place between November 20 and 25, with the help of the Ministry of Culture, the Romanian Embassy […]
The European Development Bank approved a EUR 140 million loan for Romania’s “Cultural Foundations” project, aimed at preserving historical monuments and constructing cultural buildings in the country. The project targets 14 investment objectives of national and European relevance, administered by public institutions under the Ministry of Culture, including the Romanian Athenaeum, the Romanian National Operas […]
