Economic reform and private sector development
Romania has consistently ranked among the top 10 fastest growing EU economies after the crisis. Having undergone a burdensome process in reforming its centrally planned economy, it went through property restoration, large scale privatisations and subsequent bankruptcies, eliminating state monopoly in utilities and currently aims at increasing its culture of entrepreneurship, the value produced by its labour force and in the foreseeable future joining the Eurozone.
Romania has become a free, sustainable market, with a well performing private sector sustained both by the multinational sector and local SMEs. After a hazy post communist transition to private ownership – not without controversy – there followed several years focused on the development of a functioning market economy, with constant flows of foreign investment, enabling Romanian citizens to regain their economic rights. Much needed sustained economic and financial reforms have been implemented in line with EU policies and recommendations, such as the recent measures regarding thresholds on budget deficits. Nonetheless, Eurozone admission is still pending, wages remain low and a large chunk of the population is still employed in subsistence agriculture – a reminder of the challenges ahead.
More on the specific economic and financial measures taken and ways to go forward can be found in each of the sub-fields below, with the support and sound know-how of our experts.
Market liberalisation and private sector development