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Romania’s Economy To Start Recovery From „V” Recession – Ctrl Bker

The Romanian economy will go through a "V" shaped recession, with a sharp fall followed by a gradual recovery, and the deepest point was in the first quarter, the central bank’s governor Mugur Isarescu said Thursday.
Romania's Economy To Start Recovery From
21 mai 2009, 14:22, English

"I still think we will have a V form recession and the lowest point was reached in the first quarter," Isarescu said during a financial seminar.

"We are not so dependent on exports and is the agricultural sector has place to improve and grow," the governor added.

For the economic recovery, Romania mainly needs trust, Isarescu said.

He also said the adjustment of the current account deficit would have happened also without the global financial crisis.

Romania’s first quarter GDP shrank by a seasonally-adjusted 2.6% compared with the fourth quarter of 2008, and was down 6.4% against the first three months of 2008, in unadjusted data, the National Statistics Institute said last week.

In the last quarter of 2008, seasonally-adjusted GDP fell 3.4% compared with the July-September period, thus the economy is in recession after two consecutive quarters of economic contraction.