IMF: Romanian Economic Growth up to 7% in 07

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IMF: Romanian Economic Growth up to 7% in 07

Romania could reach an economic growth of 6.5-7 per cent in 2007, declared yesterday the IMF representative for Romania and Bulgaria, Juan-Jose Fernandez Ansola.

According to the representative of IMF, Romania remains a very attractive country for the foreign investors and big corporations, as well as banks. The foreign direct investments will get this year close to EUR 7 bln, stressed the IMF representative, an estimate similar to that of the Romanian Foreign Investments Agency.

The inflows of foreign direct investments also seem to continue, in spite of the recent political instability, stressed the official. The Romanian economy could be affected by the current account deficit and the inflationary pressures, stated Ansola.

“The Managing Council recommends strengthening the tax policy, in order to control demand, and the adoption of prudent fiscal objectives.” Thus, IMF recommends to increase the budgetary revenues and consolidate the tax system, Ansola said.

The IMF representatives also consider that Romania must avoid the reevaluation of the budgetary deficit and maintain it in the interval of 1-1.5 per cent of GDP, a level lower than the one registered in 2006.

“The rise of salaries is incompatible with the targets of Romania. The Fund recommends one single growth per year and this one must be moderate,” added Fernandez-Ansola.

The Government established for this year a ceiling of 2.8 per cent of GDP, above the deficit of 1.7 per cent of the GDP registered last year. Fernandez-Ansola considers that this could even reach 11.5 per cent of GDP, a level close to that of 2006, on the background of the rapid growth of imports.

IMF considers too early to cut the interest rates in Romania, because this anticipates a growth of the inflation rate in the second half of the year and the beginning of the next year. Thus, the inflation at the end of the year is anticipated at 4.5-5.5 per cent, vs. 3.77 per cent at the end of April.

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