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Romania Economic Snapshot

Economic Forecast Summary (May 2021)

Output in the Romanian economy is projected to increase by 6% in 2021 and 4.6% in 2022. Investment and pent-up demand will be the main growth drivers. Consumption will pick up as the vaccination rollout progresses and restrictions on activities are eased, leading to a decline in saving. Imports will increase faster than exports due to strong domestic demand. The unemployment rate will decrease gradually as the recovery gains momentum, returning to its pre-crisis level in 2022.

 

Reform Priorities (April 2021)

Going for Growth 2021 - Romania

The COVID-19 pandemic risks putting a halt to past strong improvements in living standards and aggravating poverty, especially among marginalised communities, informal workers, and working poor, who are more vulnerable to economic shocks and insufficiently protected by a weak social security system. The crisis also raises concerns about low capacity in the healthcare sector and a lack of resources in deprived schools.

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2021 Structural Reform Priorities

  • Social protection: Providing adequate support to those out-of-work can reduce poverty risks
  • Education and skills: Adapting skills to the fast changing environment can foster competitiveness and increase job quality
  • Healthcare: Improving health outcomes is a prerequisite to strong, resilient, and inclusive growth
  • Environmental policy: Reducing air pollution can improve health and economic performance
  • Competition and regulation: Addressing barriers to competition and inefficiencies in the insolvency regime can spur business dynamism and productivity

 

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