The International Monetary Fund (IMF) lowered its forecast for Romania's 2009 economic growth to 3.5% from 4.8% previously, but kept its 2008 estimate unchanged at 8.6%, the IMF said.

''The financial market disturbances increased since October and resulted in a decrease of the pace of growth which affected, in a negative way, the capacity of banks to get foreign loans,'' IMF representative to Romania, Juan Fernandez Ansola, said.

Ansola added that exports are expected to decrease significantly in the European market which will negatively affect Romanian exporters.

In the first half, Romania's gross domestic product (GDP) growth stood at 8.8% versus 5.8% on the year. In the second quarter, the country’s economy rose by 9.3%. In 2007, Romania’s economy grew by 6%.

Romania’s Prognosis Commission expects GDP growth of 9.1% at the end of 2008 and 6% in 2009.

Source: ATC Media News Agency