The International Monetary Fund (IMF) revised its forecast for Romania’s economy upwards to 7% under its October 12 World Economic Outlook (WEO), up from 6% envisaged under its spring forecast round. (Details on :https://www.imf.org/en/Publications/WEO/Issues/2021/10/12/world-economic-outlook-october-2021?mc_cid=51539b3358&mc_eid=cd1f92f96c) Nothing surprising, the figure is in line with the Government’s expectations and the latest World Bank forecast (+7.3%). Among the European Union countries, only Ireland (13%), Estonia (8.5%) and Hungary (7.6%) will grow faster than Romania. The country’s economy will further rise by 4.8% in 2022 to later stabilise around a growth rate of 3.5% (2026) under the Fund’s scenario. On the downside, the IMF has revised its forecast for Romania’s current account (CA) and inflation forecast upwards. While the inflationary path is in line with a global pattern, Romania’s structural external deficit is specific to its economy and a growing concern. The IMF expected under its spring forecast that Romania’s CA gap would subside to 4.5% of GDP (from 5.2% in 2020), but it revised its projection to 5.7% of GDP in 2021 and 5.5% of GDP in 2022.
The famous Constanța Casino on the Romanian Black Sea coast has been fully restored and will be officially handed over to the Constanța City Hall in the coming days, the Ministry of Development has announced. The final inspection for the completion of the restoration work is scheduled for March 20, marking the last step before […]
Romania is one of five countries - alongside Bulgaria, Croatia, Italy, and Slovakia - where the executive has "deliberately undermined the rule of law in almost every aspect," according to a report by the Civil Liberties Union for Europe, or Liberties. Liberties launched its annual exercise in 2019 to track the European Commission’s rule-of-law reports, […]
Artiss Gallery is set to open a new exhibition, Temporal Harmonies: From Classical to Contemporary in Visual Art, at the Noblesse Palace in Bucharest on March 26. The event will feature a diverse selection of works from iconic classical painters like Theodor Aman to internationally recognized contemporary artists such as Adrian Ghenie. The exhibition highlights […]
Romania is assisting North Macedonia after the deadly nightclub fire on Sunday, March 16, by transporting four patients to hospitals abroad. The fire that broke out at a club in Kočani claimed the lives of at least 59 people and injured 155 others. The four young people in critical condition are being flown to Lithuania […]
Romania’s Constitutional Court (CCR) cleared the main candidacies for president of Romania, including that of far-right politician and leader of the Alliance for the Union of Romanians (AUR) George Simion. Former Social Democratic Party (PSD) prime minister Victor Ponta, now an independent, Bucharest mayor Nicusor Dan, also an independent, and the ruling coalition candidate Crin […]
The White Symphony Orchestra, Romania's only all-female orchestra, will perform at Sala Palatului in Bucharest on April 29 to mark the 200th anniversary of Johann Strauss II's birth. Under the baton of the talented conductor Donna Bianca and concertmaster Monica Calofir, the orchestra will enchant the audience with some of the most beloved waltzes, polkas, […]
