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European Commission raises forecasts for Romania's economic growth in 2021, 2022

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The Spring 2021 Economic Forecast projects that the EU economy will expand by 4.2% in 2021 and by 4.4% in 2022. The euro area economy is forecast to grow by 4.3% this year and 4.4% next year.

 

This represents a significant upgrade of the growth outlook compared to the Winter 2021 Economic Forecast which the Commission presented in February. Growth rates will continue to vary across the EU, but all Member States should see their economies return to pre-crisis levels by the end of 2022.

 

Romania's economy will grow by 5.1% in 2021 and 4.9% in 2022, as against advancing 3.8% in 2021 and 4% in 2022, as estimated this February, according to the Spring 2021 Economic Forecast published by the European Commission on Wednesday.

Unemployment is projected at 5.2% in 2021 and 4.8% in 2022, from a 5% last year.

Inflation in Romania will stand, according to EC forecasts, at 2.9% in 2021 and 2.7% in 2022, compared with 2.3% in 2020.

Also, the government deficit would narrow to 8% of GDP in 2012 and 7.1% of GDP in 2022, compared with 9.2% of GDP in 2020, while the current account deficit will stand at 4.9% of GDP in 2021 and 4.6% of GDP in 2022, down from 5% of GDP in 2020.

The European Commission expects the share of public debt in GDP to reach 49.7% this year, and 52.7% next year, from 47.3% last year.

 

(Details on: https://ec.europa.eu/economy_finance/forecasts/2021/spring/ecfin_forecast_spring_2021_ro_en.pdf)

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