World Bank: Romania Attractive For Long-Term Investments

„Romania remains an attractive destination for investors who want generous profit for the long term, but it is less attractive for short-term investments. This is mostly due to the cheap labor force and to the country’s close proximity to other European markets,” said Catalin Pauna, chief economist with World Bank’s office in Romania.

Speaking in a news conference, Pauna said the recession’s effects in Romania were augmented by the lack of structural reforms.

„The economic contraction would have been much smaller in 2009 and we would have been on an upward path by now. These past years should have been dedicated to implement structural reforms,” he said.

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In 2009, Romania’s gross domestic product shrunk by 7.1%, after a growth of 7.1% a year earlier.

For 2010, the authorities forecast zero economic growth or even a 0.5% contraction.