Guillermo Tolosa, IMF Resident Representative in Romania and Bulgaria, said Romania was the top economic performer in central and eastern Europe last year.
“However, continuing the structural reforms and speeding up EU fund absorption are necessary to maintain growth,” Tolosa told a conference on fiscal control. “We’re expecting to see a better progress.”
Tolosa said Romania’s economy is still very dependent on agriculture and subsequently on weather changes. He said the agriculture remains a key growth factor, with a contribution of 6% to the gross domestic product, but it also opens up the economy to shocks.
Increasing the pace of exports, drawing more EU funds and boosting support for infrastructure and energy projects are some of the factors that could help mitigate those shocks and fuel economic growth, the IMF official said.
He said Romania has a “huge opportunity” to increase exports to the European Union.
Additionally, the country should take advantage of its many energy resources and focus on the sectors with a high growth potential, Tolosa said.