“The 2.5% economic growth Romania saw in 2011 had no positive impact on the local banking system. The economic growth corrected deficits, but the 2.5% increase was imperceptible for the country’s real economy,” said Bogza.
It is risky for banks to venture into making positive growth forecasts during the crisis, he added.
Increasing credit volume means raising indebtedness, which seemed unsustainable even before the crisis, Bogza highlighted.