Romania’s economy is the 19th most complex and sophisticated in the world and should register an average growth of 2.9% until 2030, according to an analysis carried out by experts from Harvard University. It is the best position occupied by Romania since 2000, when the analysis was carried out. Romania’s rise in this ranking is important, considering that our country ranked 39th in 2000. The complexity indicator analyzes both the degree of development of the country and the products and services produced and exported by a country. The most recent data included is for 2020, the first year of the pandemic. In the 1990s, Romania was known internationally as a producer and exporter of products with minimal added value. In recent years, the automotive, electronics and IT industries have developed and the economy has become more complex. According to The Atlas of Complexity, the world’s most sophisticated economies are Japan (1st place), Switzerland (2nd), Germany (3rd), South Korea (4th) and Singapore (5th). The countries in the region are also doing very well, the Czech Republic being sixth and Hungary ninth. Poland, on the other hand, the most developed economy in the region, is on 26th, another proof that not only the size of the GDP matters. In total, over 130 countries from all over the world are analyzed. “Romania is a country with above-average incomes, it is the 44th richest economy by GDP/capita among the 133 studied. In the last five years, GDP/capita grew by an average of 3.9%, above the region’s average,” the analysis states. Harvard economists estimate that the growth rate of the Romanian economy will reach an average of 2.9%/year until 2030. Also, GDP/capita will increase by 3.5%. “Growth will be achieved by using current successes and acquired know-how to develop the production of more complex goods. Currently, Romania is the 19th most complex economy, according to the Economic Complexity Index (ECI). Compared to a decade ago, the economy has become more sophisticated,” is one of the conclusions of the analysis.
The Petrotel Lukoil refinery in Ploiești, in Romania’s Prahova county, will shut down completely for 45 days for a scheduled general overhaul, the company announced on Thursday, October 16. The maintenance work will take place between October 17 and November 30 and will cover both technological installations and auxiliary units,
Via Danubiana, an ecotourism trail following the Romanian stretch of the Danube River, reached a new stage earlier this month with the installation of its first milestone in Teleorman County. The marker, set up in the commune of Islaz, is the fourth along the route and part of efforts to link riverside communities through nature […]
The German STIHL Group has officially inaugurated its first production facility dedicated exclusively to battery-powered equipment in Oradea, western Romania, on Wednesday, October 15, after an EUR 125 million investment. Construction began in March 2024 and was completed in less than 18 months. The factory will gradually increase its production capacity, reaching an annual volume of […]
Romania is reportedly considering launching a Golden Visa program offering temporary residence permits to non-EU investors in exchange for significant financial commitments in the country, Profit.ro reported. According to the draft bill, the scheme – officially called...
Romania's Social Democratic Party (PSD) may insist on hiking the minimum wage as of January 2026, in line with the national legislation, but also to implement the Directive (EU) 2022/2041 on minimum wage as already envisaged last year. This puts at risk the government's plans for keeping the wages in the budgetary sector constant until […]
The Turceni City Hall signed on Tuesday, October 14, a financing contract with the European Investment Bank (EIB) for a project that aims to create a renewable energy hub, Economica.net reported. The project, worth a total of...
