Romania’s economy will return this year to the pre-crisis GDP level, but its recovery is slower than in other countries which were hit by the economic crisis. This is due to drawbacks in the absorption of EU funds, infrastructure, state companies, but with opportunities in areas such as energy and exports, according to the International Monetary Fund (IMF).

“Romania had the best performance in terms of growth in the region last year, only Latvia did better, but structural reforms and the acceleration of EU fund absorption are needed to maintain growth,” said Guillermo Tolosa, the IMF resident representative for Romania and Bulgaria, quoted by local Mediafax.

Romania’s GDP stood at some EUR 140 billion in 2008, before the start of the economic crisis. Last year, the economy increased by 3.5 percent, and a 2.2-2.5 percent increase is forecasted for this year.

He also noted that Romania's economic performance depends too much on factors such as the weather, which influences the agriculture, a sector that contributes 6 percent to the GDP.

"Agriculture remains an important factor of economic growth, but makes the economy vulnerable to shocks, fluctuations are recorded annually amid this factor," said Tolosa.

He added that Romania should profit of its opportunities to support and accelerate the economic growth, focusing on the absorption of EU funds, energy and exports.

Irina Popescu, irina.popescu@romania-insider.com