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Romania's economic growth will remain high in 2023, at over 2%, compared to the countries in the region and the European Union, although we are going through complicated times, President Klaus Iohannis said on Thursday in his message to on the occasion of the 30th edition of the National Rankings of Companies Gala, organized by the Chamber of Commerce and Industry of Romania.
The message of the President of Romania was presented by Cosmin Marinescu, presidential adviser - Department of Economic and Social Policies.
"We are going through complicated times, deeply marked by uncertainty amid the crises of recent years. At the same time, the war on our borders, as well as other military conflicts that have recently broken out, have a profound impact on the need for security and predictability for the economies of all countries. Global economic growth slowed down this year, with a more pronounced pace in the case of developed economies. Now, in the context of the tragic developments in the Middle East and against the background of increasing tensions, polarization and extremism, the economic prospects deteriorate further, including in the European area. Compared to countries from the region and with the European Union, Romania's economic growth will remain high, over 2%, in 2023. This dynamic is due, to a significant extent, to the business milieu's ability to adapt to the major difficulties during the pandemic , with the energy crisis, the blockages in the supply chains and the increase in the price of raw materials", the president stated in his message.
The head of state emphasized that the post-pandemic period has brought multiple changes in the operation of businesses and in most sectors of the economy, but top companies have consolidated their turnover and profits "despite all these challenges".
"One third of the best-performing companies are those in industry, followed by companies in the service sector. Services remain the main engine of economic growth, with a turnover advance of 7.5% compared to 2022. In industry, however, production continued to decrease, the industrial decline exceeding 5% in the first eight months of the year, against the background of the decrease in domestic demand, but also in industrial activity in European economies," Klaus Iohannis said in the message.
According to the cited source, in terms of external exchanges, Romania continues to record problematic trade deficits, such as those in the chemical industry, although the trade balance deficit is consistently reducing against the background of the slowdown in consumption.
"Last year, for example, Romania imported chemical products worth over 18 billion euros, with exports of only 4.5 billion euros, the trade deficit for these products exceeding the level of 2021 by 26%. Hence the need for proactive approaches regarding the prospects for the development of the national industry", President Iohannis also conveyed.
On the other hand, the head of state showed that investments in innovation and the integration of technological progress should not be neglected, because these investments offer Romania the premises for a balanced transition to the economy of the future, but also a solid basis for strengthening business competitiveness.
"Romania needs a coherent fiscal policy, able to support economic performance, financial stability and continue to attract productive foreign investments. Only in this way can we fully capitalize on the economic potential of our country", Iohannis said.
He mentioned that he understands the concerns of the business milieu regarding the recently adopted package of fiscal measures and assured that where changes or additions prove necessary, "they will not be late in appearing".
"I understand your concerns regarding the recently adopted package of fiscal measures. I know, at the same time, the sensitive points and the advantages brought by these measures, given that the need to consolidate public finances is real, deep and structural. At the same time, I am convinced that, there where changes or additions to the measures prove necessary, they will not be long in coming. Economic growth, investment attractiveness and the smooth functioning of the markets must remain essential priorities for Romania," the president said in the message.
In his opinion, Romania has redefined its identity externally in recent years, through the strong growth of its regional and European profile, and the internationalization of Romanian businesses and the results obtained on certain markets are indicators of the competitiveness of our economic environment.
"I trust that you will continue to remain involved and open to dialogue with political decision-makers. Romania will grow sustainably only through such a partnership," he added.
In his message, the head of state congratulated the Chamber of Commerce and Industry of Romania for the consistency with which it promotes, through the National Rankings of Companies, "excellence in business and outstanding performances in our economy".
He also congratulated the business community in Romania, for "the results obtained and proven resilience", especially since they were obtained "in a not easy economic context, unpredictable regionally, but also globally".
