“After a period of record growth immediately after accession, the Romanian economy went through a downturn in 2009-2010 and a relative stabilization this year. It seems that the growth forecasts are quite positive for 2012,” said Joaquin Almunia, Vice-President of the Commission and Competition Commissioner.
Speaking at a conference in Bucharest, Almunia said creating a competitive environment would boost economic recovery.
“Like all the other member states, Romania must create the right conditions for its economy to pick up quickly and steadily for the long run and one of these conditions is to foster healthy competition across all sectors of the economy,” he said.
Romania forecasts an economic growth of 1.5% in 2011 and of 3.5%-4% in 2012. However, the authorities in Bucharest hinted the estimations would be revised downward, due to difficult conditions in European markets.
Wednesday, the European Bank for Reconstruction and Development cut its forecast on Romanian economic growth to 1.1% in 2012 from 3.8% previously, citing the country’s extended exposure to the Greek economy.
Also, the International Monetary Fund said it would likely lower its growth estimate to around 2% in 2012, from 3.5% presently, due to deteriorating conditions in European markets.