Harvard University ranks Romania as 20th most complex economy in the world
Romania features as the 20th most complex economy in the world in the latest Economic Complexity Index (ECI), which stresses what and how a country produces.
Harvard University uses the Index to evaluate 145 countries and measure their development but also the sophistication of their exports. At the top of the rankings are Japan, South Korea, and Switzerland.
Romania's economy has climbed nine places in a decade, demonstrating substantial growth. “This improvement is due to the diversification of exports. Romania's economy is more complex than one would expect given its level of development (GDP per capita),” Harvard analysts noted.
The study highlights that Romania's export growth has outpaced the overall economy, making exports an increasingly crucial pillar. The country exports a diverse range of goods and services, including cars, clothing, energy products, and agricultural raw materials.
EBRD Chief Economist Beata Javorcik, present in Bucharest on February 5, 2025 to discuss the 2024-2025 Transition Report for Romania, also noted that Romania is not among the countries most vulnerable to shocks because it has a much more diversified economy than Slovakia, which relies very heavily on the automotive sector.
Nevertheless, over the past 15 years, the automotive sector has expanded significantly, and more recently electronics, home appliances, and IT have gained ground. While Romania's economy has become more complex, the future remains uncertain.
(Photo source: Vitalii Petrushenko | Dreamstime.com)
