The 4% economic growth in 2016 could be a peak which will go down to 3.5% in 2017, considering the lack of investments, public ones in particular, while increase based on consumption alone is not sustainable on a long run, according to Ionut Dumitru, the president of the Fiscal Council. “We expect a 3.7% economic growth this year an 4% next year. I consider that next year is a special one. We have a strong manifestation of fiscal stimuli, with the VAT reduction from 24% to 20%, Dumitru said at a press conference. He does not consider the 4% increase will repeat in the following years, because of the lack of investments and an economic growth potential which has not improved. “For instance, the National Prognosis Commission sees an economic growth leading to 5% in the next years and GDP increase of over 4% at a certain moment. I think this is not plausible because we did not have investments. There has not been a country growing on consumption alone,” Dumitru said. He considers that, in the absence of investments, especially public ones, the year 2016 may be a peak of economic growth which will go down to 3.5% in 2017. “The message is that 4% economic growth is already too much for the present economic context,” Dumitru said.
Romanian prime minister Ilie Bolojan stated during an interview on Wednesday, December 17, that there should be no statute of limitations in cases of serious corruption. The statement comes after a Recorder investigation, which showed that several heads of the major institutions in the Romanian justice system allegedly delayed trials for years until wrongdoings were […]
President Nicușor Dan has challenged, before the Constitutional Court (CCR), the constitutionality of the law that requires that at least 40% of the athletes who play on a team in official national competitions be Romanian. Dan noted that the law violates the principle of non-discrimination and the free movement of workers, enshrined both in the […]
Craiova International Airport will open its new passenger terminal on Thursday, December 18, completing a major infrastructure investment aimed at significantly expanding capacity and improving air connectivity in southwestern Romania. It is part of a broader expansion and modernization project financed through the Large Infrastructure Operational Programme (POIM) 2014–2020, with a total value exceeding EUR […]
Romania is set to be connected to the Western European energy network thanks to grid investments worth EUR 30 billion. The funds will be provided by the EU by 2035, and the project will link Romania to Hungary and Austria in a joint project. Romanian energy minister Bogdan Ivan signaled the signing of the new […]
Franck Bagouet has been appointed managing director of TotalEnergies Marketing Romania SA and managing director of Automotive Southeast Europe Hub TotalEnergies Marketing. He succeeds Didier Grimault, who has accepted a new position within the TotalEnergies company. “I am glad to join this dynamic affiliate and confident that, together with our talented team, we will reinforce […]
Databricks, the data analytics and artificial intelligence company co-founded by Romanian professors Ion Stoica and Matei Zaharia, announced on Tuesday, December 16, that it is raising USD 4 billion in funding at a valuation of USD 134 billion, according to CNBC. The new valuation represents a 34% increase compared to the August round, when Databricks […]
