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Klaus Iohannis: 'Good results in the national ranking of companies overshadowed by economic developments'

Inquam Photos/ Octav Ganea
Klaus Iohannis

The good results in the national ranking of companies are overshadowed by economic developments, President Klaus Iohannis said on Wednesday at the 25th edition of the National Ranking of Companies gala.

"Beyond the usual challenges, the local business environment has grown and developed significantly in the last quarter of the century, guided by the market economy and free initiative. Your performances and achievements have contributed significantly to the development not only of the economy but also of Romania. (...) However, it is important to keep in mind that, beyond temporary or circumstantial records, sustainable development only takes place if it is based on sustained and qualitative growth of investment and productivity. It is a joy to notice the good results of the National Ranking of Companies, but they are overshadowed by the economic development, which is marked by a slowdown to 4pct in the first half of the year, compared with the pompous official forecast of 5.5pct,' said Iohannis.

He pointed out that without significant changes in the pattern of budget implementation after three quarters, the national budget posted a deficit more than double the previous year's, which increases the risk of exceeding the 3pct-of-GDP threshold.

"Lack of vision, anticipation, and foresight in public finances is evident when the economic growth forecast is missed, when budget revenues are far from initial goals and faults in revenue collection are perpetrated, when the use of European funds is disappointing, and public investment stays on paper only," said Iohannis.



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