“We envisage a GDP growth rate of 2.6% for Romania in 2024, in the context in which the eurozone economy is likely to witness a growth rate below 1%. It is an extraordinary performance. The average of the last 10 years was 3.6%.”
Anghel presented the projections of Libra Internet Bank for the evolution of Romania’s economy, inflation and interest rates. Libra Bank data show that the country’s annual inflation rate will reach 4.5% at the end of 2024, the benchmark interest rate will drop from its current level of 7% to 6.25%, and the budget deficit will stand at 6.9% of the country’s GDP, compared to the government’s target of 5% of the GDP.
Anghel explained that there is a direct correlation between the evolution of Romania’s industry and the exports to Germany and the eurozone. “Germany and the eurozone did not perform well, but things are starting to improve and the exports and the economic activity seem to be picking up. The correlation with the economic performance in Romania is smaller, compared to the situation in Czechia, Hungary, Poland and Slovakia.“
“There is optimism among managers in the industry, commerce and services and it is obvious that their optimism is based on orders, economic performance and the reduction of raw material prices globally. We see extremely optimistic fields such as petroleum refining, metallurgy, beverages”, added Lucian Anghel.