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PM Orban: Forecasts show we may have negative economic growth between minus 1 - minus 3 pct

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Prime Minister Ludovic Orban stated, on Wednesday, that the forecasts indicate a negative effect in the economy which may lead to a negative economic growth ranging between minus 1 and minus 3 pct.

"We saw 30 billion euro, 15 pct of the GDP - these are stories. We haven't finished the evaluation yet. A very serious evaluation will be possible around April 15, because we need to see the effects on April as well, because we don't have all the consequences factored in for March, there are still movements in the economy that are not always positive, but on the contrary there are negative movements, companies continue to reduce their activity, layoffs are occurring. I can ensure Romanians that we will use intelligently any available resource in order to bring Romania to working order," Orban told private broadcaster B1 TV, when asked what amount Romania needs to overcome the current situation.

He maintained that, from a financial viewpoint, they took over governing with a deficit of 4.6 and many imbalances.

"The situation, unlike in other countries, is harder, but this does not prevent us from seeking out instruments to find solutions. For the moment it's obvious that a great number of companies are affected, in the economy many companies are suffering, we are trying to support companies that are continuing their activity, we are looking for instruments to generate beneficial effects. At the moment around 30 pct of the economy is affected. Our forecasts already indicate a negative effect in the economy which might lead not to a reduction of economic growth, but even a negative economic growth which, on the basis of the prognosis conducted by our specialists, may range between minus 1 and minus 3 pct. Budget revenue will be affected, we can't estimate by how much yet, but it will surely be severely affected, there are costs that increased and which are absolutely necessary to maintain a decent life for employees and to offer Romanian companies and citizens a solution in order to resolve the problems that they have. What Europe is doing is also important, Romania's economy depends on Europe's economy," added the Prime Minister.   

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