Romanian economy seeing shrinkage of 30-40pc

Romania’s economy has a contraction ranging from 30 pc to 40 pc, as the coronavirus epidemic peak has not been yet reached, Economy minister Virgil Popescu said on Monday.

“We are obviously affected, very affected (by the COVID-19 pandemic). The economy has practically declined, it already has a shrinkage ranging form 30 pc to 40 pc, only after Easter we’d reach the peak, so after that we could talk about the downward trend of this crisis, when we already have measures in store to relaunch the economy”, the Economy minister told the state radio broadcaster, Radio România Actualităţi.

The most affected sectors are tourism, hospitality, transports, but also the automotive industry.

However, the automotive industry seems to recover, step by step. It is encouraging. A big producer in Romania has resumed productions the wiring harness for cars in Targu Jiu, Caransebes and Drobeta Turnu Severin as of today, April 14. Dacia is also preparing to resume production of engines with fewer employees as of April 21. But we still have sectors hit by the pandemic. The services industry, think of all the SMEs that have been directly hit by the Coronavirus, their activity is still closed“, minister Popescu added.

contractioncoronaviruseconomyeconomy ministerepidemicpeakRomanian economyshrinkagevirgil popescu
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