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WB Raises Romania 2011 Growth Outlook To 4.2% Vs 2.5%

The World Bank raised its forecast on Romanian economic growth to 4.2% in 2011 from a previous 2.5%, leaving this year’s predictions unchanged at 0.5%, according to a report on global economic prospects released Thursday.
WB Raises Romania 2011 Growth Outlook To 4.2% Vs 2.5%
21 ian. 2010, 10:02, English

In 2009, Romania’s economy is estimated to have contracted by 7.8%, one of the largest declines in the European Union.

The global economy is poised to grow 2.7% this year after shrinking 2.2% in 2009, the World Bank said, warning that the recovery will slow down later this year „as the impact of fiscal stimulus wanes.”

The World Bank expects Romanian current account deficit to reach 4.9% of the gross domestic product this year, compared with a 7.5% of GDP gap previously estimated.

In 2011, the current account deficit is seen at 5.5% of GDP, from 8.7% of GDP initially envisaged.

Romania and the International Monetary Fund forecast an economic growth of 1.3% this year and a budget deficit at 5.9% of GDP, from a deficit of 7.3% of GDP in 2009.

Last year, Romania secured EUR20 billion in foreign aid from the IMF, the World Bank and other international lenders to cushion the effects of the recession.