IMF to cut forecast on Romanias 2012 GDP growth to 2%.

By bne IntelliNews October 3, 2011
The IMF will adjust downward its projection for Romania's GDP growth next year to 2% from 3.5%, Mediafax quoted the Fund's desk chief Jeffrey Franks as saying. The Fund toned down its outlook on Romania's growth from 4% to 3.5% under the latest World Economic Outlook issued last month, but the figure remains well above the independent projections and even better than the 2.7-3.2% range of expectations, expressed by the state forecasting body. President Traian Basescu recommended the executive to draft its budget projections, based on a 2-2.5% GDP growth expectations. The external contagion risks increased over the past three months in the region, Franks explained, adding that this ought to be addressed by accelerating the internal reforms discussed under the stand-by agreement between the IMF and Romania.

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