Economic growth finally turned positive, but further recovery will be delayed, as fiscal austerity measures and recent floods will weigh on domestic demand. The macroeconomic outlook has weakened and continues to be subject to exceptional uncertainties. With the enactment of the ambitious...

This paper outlines the main characteristics and the development of the centrally planned economic sysetm in Romania before the beginnings of the transition to a market eonomy it then presents the design, objectives, and implementation of the reform program

This 2004 Article IV Consultation on Romania highlights commendable progress under its home-grown IMF-supported program. Economic activity is picking up after a four-year slump, inflation remains low, the financial sector is stable, and the fiscal and external positions are improving. The 2014...

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country

Countries in Central, Eastern, and Southeastern Europe (CESEE) experienced a credit boom-bust cycle in the last decade. This paper analyzes the roles of demand and supply factors in explaining this credit cycle. Our analysis first focuses on a large sample of bank-level data on credit growth for...

This 2015 Article IV Consultation highlights that Romania’s economic recovery has become more entrenched and broad based, with private consumption picking up on the back of rising real disposable income. At the same time, inflation has decelerated substantially over the past two years and a...

This Selected Issues paper discusses benefits of boosting quality public infrastructure spending in Romania. Since the financial crisis, fiscal and current account deficits have been tackled, but the infrastructure deficit has widened. Quality public investment in infrastructure can boost...

After a solid recovery from the pandemic, Romania is now, like other EU countries, facing strong headwinds related to the war in Ukraine. Output reached pre-crisis levels in H1 2021 and growth in Q1 2022 was strong. But inflation has risen rapidly, and the external and fiscal positions are weak....

This paper describes Romania's Technical Assistance report on reforming personal income taxation. With one of the lowest revenues in the EU and a projected budget deficit exceeding 7 percent of gross domestic product (GDP), Romania should rely on an array of tax instruments to mobilize revenues....