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 children's hospital built in Bucharest by local non-profit Dăruiește Viață with the support of more than 350,000 donors and 8,000 companies started treating the first patients. It took over the children previously hospitalized in the oncology, neurosurgery, surgery, and intensive care (ATI) departments of the Marie Curie Hospital's old building. The transfer was made […]
The mobile network Vodafone Romania has been certified "Best in test" for the third consecutive year by the independent benchmarking organization umlaut. Vodafone Romania achieved the highest overall score in the umlaut assessment – 915 points, which keeps it on the first place among the top mobile networks in the country. Moreover, the company received […]
Bucharest Opera Festival will return in June with an All Puccini Edition. No less than eight productions from the creation of the great composer, a semi-staged show, an opera gala, and ten theatres are part of this year's program. Bucharest Opera Festival – All Puccini Edition will be hosted by the National Opera House on […]
The Romanian Senate unanimously adopted, as the first chamber to be consulted, a government-initiated bill that regulates the attribution of judicial expenses in cases involving fugitives who have evaded criminal prosecution or trial. A number of people who have to stand trial in Romania avoid doing so by leaving the country, forcing authorities to track […]
In a new survey by eJobs.ro and Up Romania, 41% of employees said they are unhappy with their current jobs - 34% expressed dissatisfaction while 7% were very dissatisfied. On the other end, 54% said they were satisfied, and 6% were very satisfied with their work environment and stage in their career. The main reasons […]
The Romanian Diversity Chamber of Commerce (RDCC) will host its third edition of the leading Equality, Diversity, and Inclusion in Eastern Europe Conference on May 9, 2024, at the InterContinental Athenee Palace Hotel in Bucharest. The event will bring together leaders in equality, diversity, and inclusion from throughout the region to exchange best practices, perspectives, […]
