Macroeconomic Perspectives for Romania in the Period 2015-2018

Authors

  • Mihaela Roberta Stanef-Puica The Bucharest University of Economic Studies

Keywords:

Romania, crisis recovery, U.E., macroeconomic outlook, 2015-18 perspectives

Abstract

The prudent macroeconomic management in the last few years has enabled Romania to recover in some measure from the global financial crisis that has struck the whole world at the end of 2007. The economic activity picked up beginning with 2013 and reached around 2.8% in 2014, driven by the gradual improvement in the domestic demand, led by the private consumption, and by exports, mainly to the EU.

Because of the tight fiscal policy the budget deficit was reduced to close to 2.5 % of GDP and Romania exited from the EU’s excessive deficit procedures in June 2013. So, to boost growth and provide fiscal space for co-financing of EU funded projects, the capital budget has been protected and total capital spending is expected to rise from 5.8 % of GDP in 2013 to 6.1% in 2015.

In 2015, Romania continues to target a structural deficit of 1% of GDP, which should reduce government debt according to national legislation (excluding temporary financing) from about 40% of GDP in 2013 to 36% by 2018. Prudent monetary and fiscal policies are expected to anchor inflation expectations, maintain fiscal buffers, and reduce public debt.

Author Biography

Mihaela Roberta Stanef-Puica, The Bucharest University of Economic Studies

Faculty of Theoretical and Applied Economics

Downloads

Published

2015-05-15

How to Cite

Stanef-Puica, M. R. (2015). Macroeconomic Perspectives for Romania in the Period 2015-2018. International Journal of Economic Practices and Theories, 5(3), 291-295. Retrieved from http://ijept.eu/index.php/ijept/article/view/Macroeconomic_Perspectives_for_Romania_in_the_Period_2015-2018

Issue

Vol. 5 No. 3 (2015): Special issue on Competitiveness and Economic & Social Cohesion

Section

Articles

License

Authors who publish with this journal agree to the following terms:

  1. Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.

  2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.

  3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).