Romania FinMin: Economy Hardly To Grow by 0.8% in 2010

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Romania FinMin: Economy Hardly To Grow by 0.8% in 2010

Finance Minister Sebastian Vladescu is concerned the Romanian economy may grow by even less than 0.8% - the new official forecast officially announced last week by the IMF, half a percentage point lower than the previous one, Ziarul Financiar reported.

"I hope the new IMF forecast will prove real. I am still cautious," said Vladescu, cited by Mediafax news agency.

As early as a few weeks ago he expressed his reservations as to the prospects of economic rebound, voicing disappointment with the first quarter.

"The first quarter was much worse than we had wished for. I am still hoping to see economic growth this year."

Last autumn, before returning to the position of Finance Minister, Vladescu estimated the economy could continue to decline this year, by up to 2% based on signals from talks with businesspeople.

The official 1.3% forecast agreed with the IMF at the beginning of the year was dealt a final blow when February statistics emerged, revealing a continued decline in industry, constructions, and in retail.

Source: Ziarul Financiar

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