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FinMin Nazare: IMF projections confirm gov't starting from correct budgetary premises, on right track

Partidul National Liberal
Alexandru Nazare

The projections published on Tuesday by the International Monetary Fund confirms that the Romanian government has started from correct budgetary premises and that Romania is on the right track, but caution is still needed, especially regarding government outlays, according to Finance Minister Alexandru Nazare.

"The International Monetary Fund has upgraded its growth projections for the Romanian economy in 2021 to 6%, against a projected European average of 4.5%. In October 2020, the IMF estimated a 4.6% increase for 2021. We have built the budget on an estimate of economic growth of 4.3%, and the IMF projections released today confirm that we have started with the right budget and that we are on the right track. Caution is still needed, especially when it comes to government outlays, because the future developments in the COVID-19 pandemic are still uncertain, both in Romania and globally," the minister wrote on his Facebook page, agerpres.ro confirms.

Nazare underscored that the IMF is the second international institution, after the World Bank, to have upwardly revised its economic growth estimates for Romania lately, which sends a positive message to foreign investors and not only.

"Romania has a stable economy, we have a record volume of investments in 2021, we are on a path to sustainable budget and tax adjustments and we will complete the administrative reforms that we have set in motion."

The International Monetary Fund (IMF) has significantly upgraded its estimates of Romania's economic growth in 2021, which should go up to 6%, surpassed elsewhere in Europe only by a projected 6.4% growth in Spain, according to the IMF April World Economic Outlook published on Tuesday.

Whereas last October the IMF was estimating Romania to record a 4.6% economic growth in 2021, according to the latest outlooks published on Tuesday, Romania's Gross Domestic Product should increase by 6% this year. The IMF also improved its estimates for 2022, to 4.8% growth, up from 3.9% as estimated in October 2020. According to the same estimates, the Romanian economy should outperform the European average of 4.5% this year and 3.9% next year.

The Romanian government have built the national budget for the current year relying on an economic growth of 4.31%.

At the end of March 2021, the World Bank also improved its estimates of the Romanian economy, indicating a GDP growth by 4.3% in 2021, versus January estimates of 3.5% increase in 2021.

In terms of inflation, the IMF revised upwards its estimates, showing that Romania would see an average annual price increase of 2.8% in 2021, as against 2.5% as forecast last autumn, that should decline to 2.1% in 2022.

About Romania's current account deficit, whereas last autumn the IMF bet on a narrowing to 4.5% of GDP in 2021, the international financial institution is now expecting the deficit to narrow very little to 5% of GDP in 2021 from 5.1% of GDP in 2020, and to 4.7% of GDP in 2022.

Globally, after a 3.3% contraction in 2020, the IMF is projecting the world economy to advance 6% in 2021 and a further 4.4% in 2022.

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