Romanian President Says Worst Of Recession Over

The recession has bottomed out and Romania is on its way to economic recovery, President Traian Basescu said Tuesday.

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"The statistics are encouraging. Firstly, we can say that the peak of the economic crisis is behind us, though the social crisis is yet to reach its utmost point. The economy is slowly emerging from recession," Basescu told a parliament meeting.

He said the 2011 forecasts point to a 2% economic growth, provided the government steps up structural reforms.

"The increase could reach 3% to 4% in 2012 and 2013," Basescu added.

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