IMF decreased Romania's economic growth estimation for 2009 to 3.5%

IMF officials estimate that Romania’s economy will increase next year by 3.5%, below the level of 4.8% estimated in October, as the capacity of banks to take foreign loans decreased, which would affect both investments and consumption rates, Romanian news agency Mediafax informs.

The financial market disturbances have increased since October and resulted in a decrease of the pace of growth which affected, in a negative way, the capacity of banks to get foreign loans, IMF representative to Romania Juan Fernandez Ansola declared.

He added that the exports would decrease significantly on the European market, which would negatively affect Romanian exporters. IMF predictions regarding Romania’s economic growth in 2008 were maintained to 8.6% as there is a favorable situation, especially due to a good agricultural harvest year.

Ansola declared that the trust of consumers was already affected, a fact that is visible in the decrease of the car sales even though there are some other factors at stake. Some investors postponed their projects due to an increase in financing costs and distrust.

Ansola pointed out that the actual economic development of the country depends mostly on the industrialized states’ policies, both in terms of bank financing and in terms of exports. What matters as well is Romania’s capacity to take advantage of the unique opportunity of EU funds to develop its infrastructure.