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Romanian Econ Fin Min States Forecasts For ‘08

Romanian economy and finance minister Varujan Vosganian presented several forecasts on the economic indicators for 2008, indicating that in the year to come, salaries, pensions, as well as prices for energy will register some “moderate” hikes.
Romanian Econ Fin Min States Forecasts For ‘08
22 dec. 2007, 15:32, English
Vosganian said that salary hikes will not longer be substantial and they will be in sync with the economy.
He added that pensions will only register important climbs starting with 2009, and the Government needs to mobilize some serious resources in order to do this.
"The pension hike will not be covered from the social security budget alone and there will also be allocations from the state budget," Vosganian explained.
On the other hand, Vosganian said that "despite alarmist forecasts," prices for energy will not register spectacular hikes.
"For the energy sector, the year 2008 will be one of modernization, privatization and investments. In 2007, we have managed to stabilize energy prices and we will continue to maintain them on this level, if the conditions on the international market remain unchanged. Our aim is to correlate energy prices with the inflation target," Vosganian said.
He added that Romania has good economic growth perspectives for 2008 as well.
"If we set aside the drought in this year and its negative impact on agriculture, we have reached an economic growth of 8.1% with an inflation ratio of just 4.2%. This trend will continue in 2008," Vosganian indicated.
On the other hand, he said that Romania would face new problems in 2008, such as a labor force crisis, while the economy will be more sensitive to the variations on the international market.