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President Basescu announces the coming out of recession one week before the Statistics

Few days before the Romanians found out that the Romanian economy got out of recession, president Traian Basescu anticipates the official data, estimating an economic growth of 0.4- 0.6% for the first quarter against QIV of 2010. « The data in January and February make us estimate an economic growth between 0.4 – 0.6% for QI against the QIV of 2010 » president Traian Basescu said after the meeting with the IMF delegation.

Traian Basescu insisted that these data do not translate into coming out of the crisis. « Attention ! we are talking about a technical coming out of recession, not crisis. Romania’s economy won’t go back. It takes its growing course. For the moment, the whole Europe is in a difficult situation, from the point of view of coming out of the crisis, so we are talking about the technical coming out of recession. The objective of fiscal stability and financial stability was reached, and now we have to keep the stability ».

To get out of the recession, the economy of a country must record growth in two quarters in a row. The last quarter of last year, the economy went up by 0.1% against the previous one. The president said that the objectives of the new agreement with IMF must be « clear » « this agreement being a precautiory one » so « it does not answer a difficult situation » but the continuation of reforms, with international financial assistance. « We propose an economic growth of 3.5 to 4% keeping the deficit objective for 2011. We need optimism, but we don’t have the right to lack prudence ».

The National Institute of Statistics will present on 13 May, 9 :00 hours, the evolution of the GDP for the first quarter of this year. Romania can record for the first quarter of this year an economic growth of 0.5% against the last quarter of last year and 1.3% reported to the similar period of 2010, stated, one month ago, at the government, the head of the national commission of prognosis (CNP) Ion Ghizdeanu.