Romania will have a positive economic growth in 2009, anticipated the Romania Central Bank (BNR) governor, Mugur Isarescu, on Thursday. According to the official, Romania will only see a crisis peak, not a "U-shaped", long term crisis.
"When I say that I have a positive view on Romania's growth, it's not because I don't see a strong deceleration, but because I hope we'll have a crisis peak, not an U-shaped graphic", said Mugur Isarescu.
Isarescu's main statements:
- The negative economic growth of 4%, discussed with the International Monetary Fund (IMF) is an assumption, a worst case scenario. "It is not a prophecy".
- The amount we borrow from the IMF is 11.4 SDR (Special Drawing Rights);
- Considering only the public arrangements, the cash going to public institutions, we speak about 18.95 million Euros;
- Adding the possible loans for the private sector, we speak about 19.95 billion Euros.
- We can also add the European Investments Bank, 1.5 billion Euros per year, but EIB didn't impose the existence of the IMF agreement as a must;
- The amount, including the EIB loan, that Romania will receive in the next two years is over 20 billion Euros.
- Romania has been living, during the past two or three year, out of foreign resources, attracted thrugh direct investments, potfolio investments or loans;
- Foreign investments in Romania will decrease some 50%, around 4.5 billion Euros.
- Capital entries and exists will be balanced;
- The negative economic growth can be avoided through adjusting an economy that got used to massive foreign capital entries or to adjust both the economy and the payment balance. Romania will have a positive economic growth in 2009, anticipated the Romania Central Bank (BNR) governor, Mugur Isarescu, on Thursday. Accordi
