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Perception of economic environment, worsening, no predictability for investments in Romania (CCIFER)

rfi.ro
francois coste

The economic environment is deteriorating in Romania, and the perceptions are worsening because there is no predictability for investments, Francois Coste, President of the French Chamber of Commerce and Industry of Romania (CCIFER) told a specialist conference.

"CCIFER carries out two surveys each year, one barometer in June and another one in November. Your answers [of the French companies in Romania - ed.n.] are related to the nine criteria. We have four external criteria regarding the perception you have of the economic, political, social, and attractiveness for your companies. We also have other internal criteria - what the prospects for the development of the turnover, profitability, staff and investment are. Finally, we have a summary note and the average of the previous criteria. On the scale the responses range from 1 - very negative to 5 - very good impression. Thus, on the criterion of the economic environment in Romania, we have a rate of 2.91 on a scale from 1 to 5 in 2018, as compared to 3.12 in 2016. Although the GDP has grown, the perception of the economic environment in your country is worsening, as there is not enough public investment, which leads to an economic environment that is not sustainable, durable. We now have an exchange rate of 4.66 lei for one euro, the highest one so far," Coste said.

According to the CCIFER representative, the political criterion analyzed by those surveyed in the new Barometer is "earthward".

"The political criterion is earthward: as compared to 3.31 in 2015, we have 1.80 at present. What we see is a feeling of lack of predictability and instability stemming from the increased number of changes in Romanian legislation introduced through emergency ordinances. The social criterion drops from 3.71 to 2.76 this year, and this indicates the difficulty of retaining and finding quality collaborators, while social dialogue risks departing from the specific reality of each society. As for external factors, we lose a point of the rate and, compared to 3.44, we reach 2.98. Here Romania's attractiveness as a privileged area of competitiveness is affected by the increase in the cost of the human factor due to the shortage of the workforce. Labour force represents a long-term challenge. For turnover we have a rate of 3.43 and we are reasonably optimistic in terms of the economic growth. The well-being of French companies depends heavily on the health of the economic environment in South East Europe. As far as tax changes are concerned, the rate is decreasing from 3.61 in 2013 to 3.16 in 2018, a decrease that stands for the difficulties of our companies to hire and maintain our employees in the long term," Francois Coste maintained.

The president of CCIFER also pointed out that "given these results of the Economic Barometer, the economic environment is deteriorating in Romania, but the strategic strengths of the country can represent a long-term competitiveness element."

The French Chamber of Commerce and Industry of Romania (CCIFER) organized on Monday the annual conference on "Economic Perspectives of Romania". The event aims to capture the sectoral, regional, macroeconomic trends and the company morale on the current and future economic context, as well as the labour market trends.

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