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PSD: International credit rating agencies show projections close to estimates in gov't programme

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International credit agencies are showing projections close to the estimates in the Romanian Government programme, according to the Social Democratic Party (PSD), major at rule.

"PSD is delighted to see that international credit rating agencies have adjusted their projections on Romania and are now showing figures that are very close to the estimates in the government programme. This week, American agency Fitch has upgraded its outlook on Romania's economic growth in 2017 from a previous 4.8 percent to 5.1 percent in June, mainly because of a significant H1 increase in the Gross Domestic Product (GDP). The Romanian Government's official economic growth projection for 2017 is 5.2 percent. Fitch is the latest international agency to acknowledge the efficiency of the economic programmes advanced by the Romanian Government, after the World Bank, the International Monetary Fund, the European Commission and the European Bank for Reconstruction and Development have done the same," PSD said Tuesday in a press statement.

According to PSD Spokesman, Adrian Dobre, the economic estimates on which the governing programme proposed by PSD was built prove to be correct, as also confirmed by international financial institutions, which have upwardly adjusted their conservative projections from early this year much close to 5.2 percent.

"This shows that the governing programme is a well-calculated and well-articulated one drawn up by competent people. We are convinced that Q2 economic data will confirm a 5.7-percent growth in the first three months of 2017," said Dobre.

He added that Romania will stay within the government deficit target of 3 percent and the measures to be taken in the period immediately ahead will increase government revenue collection.

"We are considering measures to combat the black market for jobs and the abusive use of part-rime employment contracts to dodge paying social security contributions. Another important measure will be split Value-Added Tax accounts to fight against VAT evasion. All these measures, along with other economic parameters, guarantee that Romania will stay within the 2.9- percent deficit committed to under the governing programme," said Dobre.

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