81% of business people believe that the measures in the recently adopted fiscal packages discourage investments to a large or very large extent.
Amid rising inflation, increasing costs, and recent fiscal changes, 80% of respondents believe the economic environment in Romania has deteriorated, while 81% say the measures in recently adopted fiscal packages discourage investment to a large or very large extent. The survey, which included small, medium, and large companies with both Romanian and foreign capital, shows a predominantly negative perception: 59% consider the general business climate unfavorable with many obstacles, 40% view it as moderate with challenges but also opportunities, and only 1% see it as favorable.
Pessimism for the next year
Expectations for the next 12 months are also pessimistic: 71% anticipate further deterioration, 24% expect relative stability, and 5% foresee improvement. Fiscal pressure remains a central concern for businesses, with 70% considering the current tax level too high, impacting competitiveness, while 25% consider it acceptable but in need of optimization. Additionally, 74% believe fiscal legislation supports business development only to a small extent, while 25% indicate moderate support, recognizing some positive aspects but insufficient overall.
Impact of fiscal measures
According to survey participants, the main negative impact of recent fiscal measures is increased operational costs (52%), followed by risks in personnel policies and development (25%) and postponement or reduction of planned investments (23%). Currently, the biggest challenges for companies are inflation and rising operational costs (26%), followed by declining demand (24%), bureaucracy and legislative instability (20%). Taxation levels are seen as a major challenge by 20% of respondents, while the lack of qualified labor is cited by 8%.
Investment plans
Regarding investment plans, the data indicate caution for the coming year. Forty percent of companies are postponing planned investments, 35% plan only moderate maintenance investments, 16% have no investment plans for the next 12 months, and 9% intend to make major investments. Concerns about fiscal and budgetary indicators remain high, with 82% citing the budget deficit and public debt as major risks to economic stability. The main sources of uncertainty identified by businesses are economic fluctuations and inflation (60%), followed by political instability (34%) and regional geopolitics (6%).
Survey methodology
The survey suggests that stabilizing the fiscal and legislative framework, alongside measures to control inflation, could significantly restore confidence in the economy and encourage investment. The survey was conducted online in September 2025 on a sample of 546 respondents from the private sector, comprising 37% micro-enterprises (1–9 employees), 39% SMEs (10–249 employees), and 24% large companies (over 250 employees).
The Concordia Employers’ Confederation represents 20 of the most important sectors of the Romanian economy. With a 30% contribution to GDP and over 450,000 employees across 3,900 large and small firms with Romanian and foreign capital, Concordia is the only Romanian organization that is a member of BusinessEurope, the International Organization of Employers (IOE), and Business at OECD (BIAC).