The inflation that is currently affecting the global economy will be temporary because the factors causing it are just short-lived, International Monetary Fund senior advisor Liviu Voinea declared at the Bucharest Forum 2021 organized today by the Aspen Romania Institute."Overall, the global economy is in a better place than it was a year ago. But a major challenge has arisen - inflation. Inflation is rising rapidly around the globe and could slow the economic rebound and determine tighter monetary and tax conditions that could impact the most vulnerable social groups. If we look at the factors that drive this rise in inflation, they are of a transitory nature: the decline in inflation in the previous year, the recovery of demand - which wasn't caused by higher incomes but by higher income availability - the congestion of supply chains, the delay in deliveries - all these are not permanent - but also by the major increase in energy prices, especially for gas. Another argument for the transitional nature of inflation is the very success of fiscal support packages, which have helped limit economic losses much faster than in previous crises; thanks to these support packages, the surplus savings accumulated during the crisis now turn into consumption, but this phenomenon won't have long-term effects, as the amount of savings is limited. Therefore, the inflation growth rates are expected to only be temporary," Liviu Voinea explained.On the other hand, the IMF representative pointed out that the uncertainties regarding the fiscal projections, Romania's included, remain unusually high.The IMF senior advisor said that fiscal support measures intended to limit the economic effects of the pandemic cannot be granted indefinitely, so that such support measures should be better targeted to those who really need them.According to the cited source, a return to the pre-pandemic debt level would require more serious fiscal balances than those before the pandemic.
In the context in which agri-food systems are responsible for almost one third of global greenhouse gas emissions, Auchan Romania assumes an active role in the transition of its supply chain toward a more sustainable model. At the second edition of the Climate Supplier Event, organized under the aegis of the Climate Change Summit, the […]
Janiva Magness, the winner of seven Blues Music Awards following 26 nominations, and nominated for a Grammy for a career spanning 17 albums, is set to perform at the 14th edition of the Brașov Jazz & Blues Festival, which will take place between August 14–16, 2026. Magness is one of the most valuable and influential […]
Auction house Artmark announced a major auction for this winter featuring an engraving created by Francisco Goya, the most important Spanish artist of the late 18th and early 19th centuries. Romania's late communist leader Nicolae Ceaușescu received this gift from King Juan Carlos I as a gesture of diplomacy. The engraving entitled “The Engagement – Capricho […]
Authorities managing Romania's Bicaz Gorges–Hășmaș National Park has built a fish ladder system on the Bicaz River, which will allow protected species to migrate and reproduce. There are several bridges and small bridge structures in the Bicaz River that have a “bottom sill,” meaning small waterfalls. Fish that do not jump like the trout cannot […]
The far-right opposition parties in the Romanian Parliament are set to file a motion of no confidence against the government headed by prime minister Ilie Bolojan. The motion, authored by senator Ninel Peia of the Peace – Romania First group, is specifically aimed at the reformist party Save Romania Union (USR), and is entitled “Romania […]
Romania's iconic rock singer Adrian Pleșca, known as “Artan,” died on Tuesday, December 2, after a fatal stroke, at the age of 64. The artist founded the well-known band “Timpuri Noi” in 1982 and “Partizan” in 2001, and was popular on the Romanian rock scene. Over the years, he left and returned to the two bands. Several […]
