EBRD ups Romania GDP growth forecast.

By bne IntelliNews January 25, 2011
The European Bank for Reconstruction and Development (EBRD) revised upward its forecast for the countrys economic growth to 1.1% in 2011, from 0.9% previously, the January edition of the report showed. The quarterly growth would reach 2.6% y/y in Q4, the EBRD said. The government and the IMF are however slightly more optimistic and they project a 1.5% GDP advance this year, after the 1.9% decline estimated for 2010. The bank noted the important fiscal consolidation measures, which might improve the growth prospects in the future, but dampen the short-term recovery. Thus, the growth would lag behind the 1.9% expansion, revised from 1.6% previously projected by the bank for the region, including also Bulgaria, Serbia, Montenegro, Macedonia, Albania and BiH. The government has managed to remain on course with the IMF programme by implementing harsh austerity measures that will help to keep the fiscal accounts under control.

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