Romanian PM Unalarmed Over Intl Financial Turmoil

“I personally am not very afraid of what’s happening in global financial markets right now, this so-called turmoil, which has affected the United States and Europe,” Tariceanu told Romanian students in economics.

He added the recent fall in the value of the U.S. dollar against other major currencies won’t have an impact in Romania, whose exports are mainly directed to European Union states.

“What we should be afraid of is the fact that our infrastructure and communications sectors are not adequate for the current economic growth rate,” the Prime Minister said.

Romania’s economic growth has been robust in recent years, increasing an average 6.5% each year between 2003 and 2006. Infrastructure in Romania is poor and requires major upgrade and expansion works to improve its local roads and links to European transport networks.

In April, the International Monetary Fund warned the international financial turmoil that has started in the mid-2007 will eventually spill over to Romania and slow down its economic growth to 4.7% in 2009 and possibly harsher levels from an estimated 6% in 2008.