1.7-1.9 pc of GDP decrease in 2010, economic growth in 2011

Publish date: 02-08-2010
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National authorities remain optimistic until IMF representatives make public their official economic forecast for this year and for next year at the end of their mission to Romania this Wednesday.

Economic development can confirm that the economic figures this year will be close to the ones announced by Finance Minister Sebastian Vladescu (economic decrease by 1.7-1.9 per cent - editor's note). Vladescu also said talks with the IMF did not target any further tax hikes for this year or for 2011.

"The IMF mission does not bring any change in taxes and other fees," the minister of finance said. He added that Romania needed the agreement with the IMF and that the letter of intent was in the making.

PM Emil Boc reiterated yesterday, during a videoconference with prefects, the fact that IMF and European Commission representatives did not request Romania to hike the VAT or the flat tax. "We have no difficulties in our relations with the EC, the IMF in our agreements and we are on the way to consolidate the stability related to fiscal policy for this year and the next one," PM Boc said.

He added however that the economic drop might be bigger than forecasts, for at least two reasons. "First of all, because we were forced to change the VAT, following the Constitutional Court ruling (editor's note - to declare pension cuts unconstitutional). Secondly, because of floods. And thirdly, because of the world economic context we're in at the time. (…) What seems to be take shape at the time, both from the IMF and EC and from Romanian authorities, is that we will have economic growth in 2011. How much? We will see after the analyses we are conducting with our European partners and the IMF," Boc said.

Nine O'Clock

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