Romania’s economy is expected to grow at roughly 4% this year, but the impact of the Ukraine conflict will be felt, according to the European Commissioner for the Economy, Paolo Gentiloni.
During a visit to Bucharest, the European Commissioner for the Economy, Paolo Gentiloni, stated that the European and Romanian economies are both rebounding strongly from the pandemic and that economic growth in Romania and the EU would be around 4% in 2022.
The European economy is recovering strongly, and we expect, at the European level and in Romania, an increase of approximately 4%.Paolo Gentiloni, European Commissioner for the Economy
However, the European Commissioner admitted that the conflict in Ukraine would impact the European economy. Still, he said that the effects might be minimized if the countries worked together.
The war will affect this growth. We have already seen an impact on inflation, rising energy and food prices, and we can expect these figures to rise. Consumer and investor confidence in the economy is also declining. But if we act together, we will be able to limit the impact of this crisis.Paolo Gentiloni, European Commissioner for the Economy
The European Commissioner emphasized the importance of Romanian authorities implementing the National Recovery and Resilience Plan as a source of economic growth, noting that the European Union must invest in energy and joint defence in close coordination with NATO to meet current challenges and maintain the Union’s autonomy.
Some before-before-the-war expectations for the Romanian economy were different, and the projections for the Romanian economy in 2022 were quite optimistic.
Although, the questions that remain after the European Commissioner’s visit to Romania is how much will the Romanian economy be impacted due to recent events and what will happen to the country’s finances if the economy slows down? Moreover, the National Bank of Romania expects inflation to grow up to two figures, which will impact the projected economic growth even more.