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Romanian economy would grow by 5.3% this year and by 4.2% in 2018, the latest growth forecasts released by the European Bank for Reconstruction and Development (EBRD) read.
As compared to the forecasts in May, the estimates have improved by 1.3% this year for the Romanian economy, up from 4% to 5.3% and by 0.7 percentage points for next year, from 3.5% to 4.2%.
“Several countries, notably Romania and Turkey, are enjoying growth rates comparable to the pre-crisis levels of the mid-2000s,” the report reads.
EBRD has revised up sharply its 2017 economic growth forecasts, with higher export levels, a revival in investment and firmer commodity prices supporting a broad-based upswing.
Average growth across the EBRD region is seen at 3.3 per cent this year, a rise of 0.9 percentage points against the previous forecast from May, and compared with growth of just 1.9 per cent in 2016.
The pace of growth has picked up in 27 of the EBRD’s economies this year, the first time that such a broad upturn has been seen since 2010.
The EBRD’s chief economist Sergei Guriev said: “The broad-based recovery is a very welcome development. It also creates a window of opportunity to carry out reforms that will ensure the sustainability of the stronger growth rates over the longer term.”
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