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Harvard University: Romania's economy has increased in complexity, it is in 19th place
Romania’s economy is the 19th most complex and sophisticated in the world and should register an average growth of 2.9% until 2030, according to an analysis carried out by experts from Harvard University.
It is the best position occupied by Romania since 2000, when the analysis was carried out.
Romania’s rise in this ranking is important, considering that our country ranked 39th in 2000. The complexity indicator analyzes both the degree of development of the country and the products and services produced and exported by a country. The most recent data included is for 2020, the first year of the pandemic.
In the 1990s, Romania was known internationally as a producer and exporter of products with minimal added value. In recent years, the automotive, electronics and IT industries have developed and the economy has become more complex.
According to The Atlas of Complexity, the world’s most sophisticated economies are Japan (1st place), Switzerland (2nd), Germany (3rd), South Korea (4th) and Singapore (5th). The countries in the region are also doing very well, the Czech Republic being sixth and Hungary ninth. Poland, on the other hand, the most developed economy in the region, is on 26th, another proof that not only the size of the GDP matters. In total, over 130 countries from all over the world are analyzed.
“Romania is a country with above-average incomes, it is the 44th richest economy by GDP/capita among the 133 studied. In the last five years, GDP/capita grew by an average of 3.9%, above the region’s average,” the analysis states.
Harvard economists estimate that the growth rate of the Romanian economy will reach an average of 2.9%/year until 2030. Also, GDP/capita will increase by 3.5%.
“Growth will be achieved by using current successes and acquired know-how to develop the production of more complex goods. Currently, Romania is the 19th most complex economy, according to the Economic Complexity Index (ECI). Compared to a decade ago, the economy has become more sophisticated,” is one of the conclusions of the analysis.