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IMF improves economic growth forecasts for Romanian economy in 2017, 2018

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The International Monetary Fund (IMF) improved its economic growth forecasts for 2017, from 3.8 percent to 4.2 percent, according to the latest World Economic Outlook report published Tuesday ahead of the spring reunion, business-review.eu informs.

Accordingly, Romania will record the second biggest economic growth in Europe, after Iceland, with 5.7 percent. Overall,Europe will record an economic growth of 2 percent, and theemerging countries, which also includes Romania, will record a 3 percent GDP growth.

The IMF also revised downwards forecasts on employment in Romania, which could record a significant drop in 2017, up to 4.5 percent, compared to 6.2 percent as it forecasted previously. In 2018 it is expected that the unemployment rate will stand at 5.2 percent.

At a global level, the IMF improved its forecasts on the growth of the economic forecast in 2017 and 2018.

Overall, Europe will register a 2 percent economic growth, and emerging Europe, a region also including Romania, will register a 3 percent advance in the GDP.

According to the IMF's "World Economic Outlook," the economic prospects for emerging Europe are relatively favourable, except for Turkey, with a 3 percent estimated growth in 2017, which will improve to 3.3 percent in 2018, for the entire group. 

According to Prime Minister Sorin Grindeanu, this year the Romanian economy will register a 5.2 percent growth. "The IMF has improved its estimations for 2017 regarding the Romanian economy. The estimated unemployment rate dropped from 6.2 percent to 5.4 percent. The economic growth estimation increases from 3.8 percent to 4.2 percent. Furthermore, including after the discussions with the Finance Ministry and the Prognosis Commission, I keep my opinion that the Romanian economy will register this year a 5.2 percent growth," Prime Minister Grindeanu wrote on Facebook on Tuesday.

According to him, the Government has committed to support the business environment of Romania.

"The Government has committed to support the business environment of Romania and we will take all measures in this respect. Moreover, the economic growth must be also seen in Romanians' incomes," the chief of Government also said.

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