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.
Four documentaries on topics such as identity, memory, responsibility, and courage will be screened at the Czech Center in Bucharest as part of the upcoming edition of the Documentary Mondays program. The program opens on February 23 with Simona Constantin’s Caliu. Nothing else, what more could I do?, a portrait of fiddler Gheorghe "Caliu" Anghel, nicknamed […]
Romania is set to host the prestigious international high school debating tournament “Cambridge Union Schools,” under the auspices of the Cambridge Union, between February 21-22 at the National Bilingual College “George Coșbuc” in Bucharest. This marks the first time an official tournament organized under a Cambridge license is being held in Romania. During the competition, […]
The average sale price for new homes in Bucharest has increased over the past 5 years by over 50%, from EUR 1,480 to EUR 2,273 per usable square meter. At the same time, the average rent rose by 45%, from EUR 8.6 to EUR 12.3 per usable square meter, according to a report from real […]
Defense minister Radu Miruţă received a delegation of the Congress of the United States of America led by Democratic senator Jeanne Shaheen on Monday, February 16. Together, they visited the F-16 Training Center in Feteşti. The officials toured the facility, which was inaugurated in 2023 at the 86th Feteşti Air Base. Nowadays, the base "is an advanced […]
Starting Tuesday afternoon, February 17, Bucharest and 12 counties in the Muntenia and Moldova regions are under an Orange Code warning for heavy snowfall, strong wind intensifications, and severe blizzard, with the snow layer expected to reach up to 50 centimeters, the National Meteorological Administration (ANM) announced. Florinela Georgescu, forecasting director, told Digi24...
Romania’s National Paralympic Committee officially announced that two athletes will represent the country at the Milano-Cortina 2026 Winter Paralympic Games, a competition that will bring together the best Paralympic athletes in the world in winter disciplines between March 6-15. Mihăiţă Papară (para snowboard, class SB-LL1) and Andrei-Sorin Popa (para alpine skiing, class LW9-2, standing) were confirmed […]
