Romania, Down One Position In Economic Freedom Classification, Ranks 68thPublish date: 16-01-2008
Romania ranks 68th, down one position from 2007, among the 157 countries included in the classification regarding the degree of economic freedom, which was drawn up by the Heritage Foundation and the Wall Street Journal.
The Romanian economy is 61.5% free, namely 0.2% up over the level registered in 2007, which makes it fall in the category of moderate economic freedom.
Romania ranks 30th among 41 European states and the percentage falls way below the average value at regional level.
Romania was assigned high ratings for the degree of freedom in the business, fiscal and commercial sectors. The flat tax on income, respectively on companies' earnings, is of 16% and tax earnings significantly contribute to the gross domestic product, the report shows.
During the accession process to the European Union, the Romanian government implemented economic reforms compliant with the Maastricht criteria.
Nevertheless, the disputes and bickering between the Democratic Party and the National Liberal Party seriously shook up the political environment not long ago, the report also shows.
The evolutions at macroeconomic level made it possible for the middle class to appear and thus, poverty was reduced. The level of investments stays high following Romania's accession to the European Union, which paved the way for new and modern plants, new investment projects in the public sector and a high level of direct foreign investments.
- Insurance market stagnated in 2013 while GDP chare dropped to 1.3%
- The Romanian Leasing Market as of December 31, 2013
- Millennium Bank reports best results since its launch, helped by stronger banking income and cost cuts
- BCR cheapens First Home loans and lowers interest loans for loans in lei
- Millennium Bank's new Salary account clients receive up to 600 lei bonus and their utility bills' payment
- GarantiBank and Seamless introduce SEQR in Romania: the newest mobile payment solution
- Bancpost telecom services, now provided exclusively by Romtelecom and COSMOTE Romania
- Millennium Bank cards offer discounts in Domo stores
- BCR Supervisory Board reshuffles Management Board
- NBR decide to lower the monetary policy rate to 4.25 percent per annum
- Common appointments in Romtelecom and COSMOTE Romania
- Up to 5.5% annual interest rate for Millennium Bank's promotional three-month lei deposit
- Eurozone in recovery mode but gap between North and South still widening
- UniCredit Tiriac Bank and RBS Romania announce the successful completion of the retail clients' migration
- Millennium Bank grants First House loans in lei