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World Bank: Romania’s GDP Seen Up 0.5% In 2010, After 4% Fall In ’09

The World Bank forecasts a 4% contraction in Romania’s gross domestic product this year, followed by a 0.5% GDP growth in 2010, and 2.5% in 2011, respectively, according to "Global Development Finance 2009" report published Monday.
World Bank: Romania’s GDP Seen Up 0.5% In 2010, After 4% Fall In ’09
22 iun. 2009, 10:57, English

In February, the World Bank revised downwards its estimation on Romania’s economic growth in 2009, from 3.2% to 0%-2%, as prospects for growth in the region continued to deteriorate.

The country’s current account deficit is seen at 8.4% of the GDP in 2009, compared with 12.4% of the GDP a year earlier, and will reach 7.5% of the GDP in 2010 and 8.7% of the GDP in 2011, the report reads.

The International Monetary Fund official forecasts on Romania see a GDP contraction of 4.1% in 2009, while the European Commission forecasts a 4% shrinking.

For 2010, both the IMF and the EC see a 0% GDP growth.

In the first quarter of 2009, Romania’s GDP fell 6.2% on the year, according to the country’s Statistics Institute.

Romania agreed end-March with the International Monetary Fund, the European Commission and other financial institutions a EUR19.95 billion economic program supported by a EUR12.95 billion loan under a two-year Stand-By Arrangement from the IMF.

As for developing countries in Central and Eastern Europe, GDP is projected to fall by 1.6% in 2009 and to stagnate in 2010, on the backdrop of a gradual recovery, according to the report.