In its Regional Economic Prospects report of May 2022 released on Tuesday, the European Bank for Reconstruction and Development (EBRD) says that after a rebound of 5.9% Gross Domestic Product (GDP) growth in 2021, the rate of the Romanian economy's growth will slow down significantly in 2022.Romania's economy is projected to grow by 2.5% this year, as against 2.8% forecast in March 2022, and 3% next year, as against an initial forecast of 4.1%.According to the EBRD, the Romanian economy entered 2022 on a weak footing as GDP declined in the last quarter of 2021 by 0.1% quarter-on-quarter due to a fall in investment and slowing inventory build-up."Accelerating inflation from the second half of 2021 has already put pressure on consumers and firms. While real net wages have temporarily recovered in early 2022 and the removal of Covid-19 restrictions has improved confidence, the war on Ukraine has brought an additional layer of inflationary and supply chain difficulties," according to the EBRD report.Consumer prices increased by 10.2 per cent, year-on-year, in March 2022, despite a cap on energy prices, which is set to remain until March 2023. The government has adopted a range of measures to support vulnerable households and firms affected by the war. As such, the fiscal consolidation envisaged for this year could be constrained by these expenses and by weaker economic growth, warns the international financial institution.The National Bank of Romania (BNR) has raised the policy rate to 3% by April 2022 and, facing a tightening of liquidity since the start of the war, has intervened in the secondary market for sovereign debt to calm debt markets.GDP is projected to grow by 2.5% this year, with risks tilted to the downside and contingent on the evolution of the war and other supply pressures. In 2023, lingering inflation pressures, fading pent-up demand and supply chain issues are expected to restrain growth to a forecast 3%, the EBRD report says.
The 16th edition of Les Films de Cannes, the festival showcasing productions awarded or selected at the Cannes film festival, returns this fall to Bucharest and four other cities in the country. The winner of this year's Palme d'Or, Jafar Panahi's It Was Just an Accident, will be screened at the event, as will be […]
Răsvan Angheluţă Natural Sciences Museum in Galaţi is scheduled to reopen on September 20, after the completion of modernization works worth over 15.1 million lei (approximately EUR 3 million) carried out by the County Council through the recovery and resilience facility PNRR. The building hosts an Aquarium, an Astronomical Observatory, a Planetarium, and temporary exhibitions. […]
A team of Romanian paramedics won first place at the World Rescue Challenge 2025, a competition that sees first responders and trauma teams from around the world develop new skills and share knowledge. This year, the competition took place in Karlovac, Croatia, and was attended by two Romanian paramedics from Bucharest who have been working […]
Artmark, one of Romania’s leading auction houses, registered record sales of over EUR 15 million despite economic instability, showing the growth potential of the national art market, according to the company’s 2024-2025 market report. Overall, auction sales totaled EUR 11 million, up 8.2% compared to the previous year, while sales through the “Dependent de Artă” […]
Cybersecurity has become a major global priority, impacting individual users, companies, organizations, and public institutions. Social engineering, deepfakes, digital manipulation, and coordinated geopolitical attacks are fundamentally reshaping how we view the digital future. In this context, DefCamp, the largest cybersecurity and hacking conference in Central and Eastern Europe, reaffirms its role as a strategic hub […]
Romanian airline AnimaWings has received its fifth Airbus aircraft, an A220-300, as part of an ambitious expansion plan to build a fleet of 18 planes by the end of 2027, valued at over USD 1 billion. The A220-300 is the airline’s third of this type and will serve both domestic and international routes. Configured with […]
