WB downgrades Romania's GDP projections for 2010, 2011.

By bne IntelliNews November 19, 2010
The World Bank downgraded its projections for Romania's GDP growth to minus 1.9% in 2010 and to 1.5% in 2011, the Bank said in its Regular Economic Report EU10. The bank cut its estimates by 1.5pps and 2pps, respectively. Romania`s growth forecast has been revised downwards in response to the sharper-than-expected decline in domestic demand. Only Latvia and Romania are projected to contract in 2010, reflecting the large adjustment needs from unsustainable domestic booms in the run-up to the crisis. The slow pace of the recovery contributes to large fiscal deficits and therefore the country expects higher fiscal deficits than planned in early 2010. We recall that the government agreed with the IMF to relax the budget deficit target to 6.8% of GDP from the initial ambitious target of 2.5% set last fall. As of Q3, it was only Romania that remained in the negative growth region.

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