English
Romania, just like the Czech republic, could have breezed through the current crisis, had it not had three major issues, Valentin Lazea, Chief Economist of the National Bank of Romania, recently said, as quoted by Agerpres. He said: "Romania could have breezed through the crisis, just like the Czech Republic, had it not been for three major issues: the very large budget deficit (5.3%), the largest in the last decade, the current account deficit of 12.3% of the GDP and the high borrowing rate, of over 60%. Two of these issues are slowly being remedied: the current account deficit has shrunk and it is quickly dropping even further, whereas lending is on its way to drop maybe even faster than it should or than expected. That leaves the budget deficit. That is why any steps we take from hereon in - because the public administration needs money - should be taken with care, in order to avoid aggravating the most important issue, the budget deficit, which is still a problem for Romania".
According to Mr. Lazea, Romania already has the highest inflation of the 27 EU member countries, (6.45%), and it still runs the risk of slow economic growth and of further increase of inflation.
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