Erste Bank: the financial crisis will not avoid Romania and will mostly affect the construction and industry sectors

The international financial crisis will not avoid Romania but will not affect it as much as it will affect other countries, part of the euro zone, an Erste Group analysis shows. Thus, experts estimate a diminish in the pace of economic growth in 2009 up to 4.4% as compared to an advance of 8.3% today.

Romania’s economy is less open than in other European countries and this might actually make its economy more resistent when facing the global economy. Experts said that the most affected sectors will be the industry and the constructions sectors due to a decrease in exports and an increase in financing costs.

EU financed infrastructure investments will be the main factor of economic increase in 2009 as the government will be able to compensate the decline of the private sector. Moreover, experts estimate that the inflation will decrease from 7.9% to 6.2% in 2009 and 5.3% in 2010.