President Basescu promised to redraw in the case the economic crisis accentuates and creates further unemployment: the current official rate reads 6.9%, with numerous redundancies announced for the next two months. Elsewhere in the news, the Romanian Government decided to respect the budgetary deficit targets and not request the IMF for postponing the deadlines. The press also reads that Romania might need to borrow even more money to cover budget deficit.
President Basescu promised to redraw in the case the economic crisis accentuates and creates further unemployment, Cotidianul reads. Company managers from four sectors - constructions, retail, manufacturing and services - say the economic activity will continue to shrink and an increasing unemployment is to be expected. The official unemployment rate, recorded by the Romanian National Employment Agency, is 6.9%, meaning 600,000 people, but analysts claim over 1 million people are currently unemployed.
According to a study performed by the Romanian National Statistics Institute (INS), the companies employing over 500 persons will experience redundancies in the near future. A study conducted by employment agency Manpower, published in Financial Times, shows that companies from half of the developed and emerging economies worldwide will start to hire staff, backed by an improving economic situation. The only EU countries to experience further redundancies are Romania, Ireland and Spain.
In the similar period of 2008, the Romanian unemployment rate read 3.9%. But analysts say that the 6.9% rate presently recorded is not accurate, since many people do not register with employment agencies, plenty work in the underground economy and much more work abroad. Specialists say 10% would be a more accurate figure, but estimates do not make official records. Romanian incumbent president Traian
