The perception of 59% of the general managers of the companies in Romania is that, in 2022, the national economy will have a better evolution than last year. While the estimates of the global leaders are that the global economy will advance by 4.5% this year, only if the impact of the Omicron variant is limited and the measures implemented ensure an adequate protection against serious illness, say the data of the PwC Global Economic Watch 2022 report, published on Friday. Estimates warn that there will be stricter financial conditions, as the central banks in the advanced economies will increase the rates of monetary policy and will reduce the programmes of quantitative relaxation. The US and the UK started this process, but the effects of the Omicron variant could delay it by several months.‘Pressure generated by the interruption of the supply chains will disappear, according to estimates, taking into consideration the fact that an improvement could be seen over the last months of last year, which will continue in 2022. This trend will reduce inflation, until the second part of this year, offering the central banks a respite to postpone the possible increases of the rates of monetary policy interest, especially if the economies face supplementary issues such as unexpected epidemiological changes’ the PwC report says.According to the consultants, another estimate considers the inversion of the roles between the US and the EU, as regards the fiscal policy. ‘In the US for the first time since the beginning of the pandemics, the Centre for Research Hutchins expects that the fiscal policy pulls down the economic growth by approximately 2 percentage points in 2022. In the meantime, in the EU which is governed by a set of fiscal rules, it is possible that the fiscal policy adds between 0.5 and 1 percentage point to economic growth in 2022. This situation reflects the suspension of the fiscal rules of the EU, probably until 2023, moment when they will be revised to acknowledge the more active role of the fiscal authorities to get to zero carbon dioxide emissions until 2050. This year will probably be another record year for renewable energy, estimating that over 30% of the total production of electricity at global level will come from renewable sources. The price of raw materials is expected to be constant, but the geopolitical situation could change this estimate. The quick growth of the prices for energy and natural gas will be softened in the second part of the current year if there are no major geopolitical evolutions which influence the prices on short term, especially in Europe’ the document says.At general level, the general managers consider that global economy will advance by 4.5% in 2022, if the impact of the Omicron variant is limited and the implemented measures ensure an adequate protection against severe illness.PwC is a network of companies present in 156 countries, with more than 295,000 professionals who offer services in the domain of audit, fiscal consultancy and business consultancy.
President Nicușor Dan has nominated Senate president Ilie Bolojan, a leader of the National Liberal Party (PNL) and former interim president, for the prime minister seat. Dan said Bolojan is “the best person to carry out the needed adjustments in the state administration.” He pointed to Bolojan’s track record with reducing spending, and said he has […]
Balkanik Festival – Home of World Music, set to take place at Uranus Garden between September 5 and September 7, lines up this year artists who "celebrate that form of joy that does not ignore reality, but faces it with beauty, energy, and solidarity," the organizers said. The artists performing in September in Bucharest will […]
The mayor of Timișoara, Dominic Fritz, announced on Friday, June 20, that two new bridges over the Bega River will be built in the city. The bridges will be financed with EU-backed funds worth over RON 130 million. The bridges in question are the Solventul Bridge, which will connect Gării Street to Dâmbovița Boulevard and […]
A Sarmatian necropolis nearly 2,000 years old was discovered after archaeological excavations were carried out at the Mehala II site in the municipality of Timișoara, in western Romania. Researchers discovered 15 inhumation graves, most arranged in rectangular pits with rounded corners, although some no longer retain their original outline, having been disturbed by the passage […]
The George Enescu Philharmonic Orchestra will deliver on June 26 a concert marking Romania Day at the Osaka World Expo. Additionally, the Bucharest-based orchestra will present a series of other concerts and recitals, both within the Romanian Pavilion and outside, at Toyonara Hall in Osaka. The George Enescu Philharmonic Orchestra's concerts will be conducted by […]
Sphera Franchise Group, the largest food service group in Romania, has opened its first Cioccolatitaliani store in the seaside resort of Riccione, in Italy’s Rimini tourist area. This marks the official launch of Sphera Group’s development plan for the premium Italian brand of coffee, gelato, and pastry. Under the plan, it will open four locations […]
