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BCR experts estimate 9.4-pct unemployment rate by end 2010Updated: 18-08-2010 | Financial and Banking
The unemployment rate in Romania will reach 9.4 percent at the end of 2010, given that by the beginning of the next year, around 60,000 jobs in local and central public administration will be slashed, the equivalent of nearly 4.4 percent of the total public sector jobs, reads the quarterly report on Romania's macroeconomic situation, published by the Romanian Commercial Bank (BCR).
According to the report, the private sector was the only one to witness the recession's effects, but, in BCR chief economist Lucian Anghel's opinion, it absorbed in the last couple of months about 11,000 employees who were previously laid off from public institutions.
The official data reveal that the unemployment rate registered a maximum of 8.4 percent at the end of March, and then declined over the next three months down to 7.4 percent in June. BCR Research team presented the Romania Macroeconomic Report - Moment of Truth, during a news conference. BCR, a member of the Erste Group, is a universal bank both for the retail and the corporate clients, and is the most important banking institution of Romania managing assets worth over 16.4 billion euros.
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