ING Bank report: Romania could double its GDP in the next ten years

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Romania could enter the top 10 economies in the European Union (EU), and in the next ten years the Gross Domestic Product (GDP) could reach 700 billion euros, thirty times more than in 1994, according to the forecasts of ING Bank Romania.

“A GDP of 700 billion euros in 2034 would probably put us in close competition with – most likely – Austria for entering the top ten economies in the European Union. We believe it is a plausible scenario that can materialize with a normal growth rate, without overheating the economy,” the ING report states.
The report entitled “30 x 30. 30 years of transformations. 30 years of ING” shows that, in the next decade, Romania’s average economic growth rate will be between 3% and 3.5% per year, as well as a similar average inflation. The specialists specify that one of the conditions for these estimates to be fulfilled is the efficient absorption and use, in the coming years, of the 28 billion euros available through the National Recovery and Resilience Plan (PNRR).

“In 1994 Romania’s GDP was about 26.6 billion euro (or more precisely ECU – European Currency Unit, the euro being introduced five years later; for simplicity we will use the name euro for the period when technically there was only the ECU), more than three times smaller than Portugal’s. In 2024 Romania’s GDP will reach almost €357bn, almost 30% higher than Portugal’s.
Romania’s economy has undergone a profound transformation over the last thirty years as it has moved from a post- communist economy to one of the most dynamic economies in Europe. This could not have happened without profound structural changes, foreign investment and, above all, accession to the European Union,” says the report, signed by Valentin Tătaru, Chief Economist, ING Romania.
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