IMF: in 2020 Romania will overgrow Turkey in terms of Purchasing Power Parity

Romania has reached an unprecedented period of growth in the last 3 years. So much has this country accomplished that in 2017 and 2018 it was one of the top countries in EU in terms of GDP growth.

Year after year Romania has grown more, not only in GDP, but also in purchasing power of its citizens. Moreover, the economy has become a strong one and Bucharest Stock Exchange Index, BET, ranked on the 3rd place in the world in 2019 by its growth!

Now, International Monetary Fund makes an economic prediction which might come as a surprise for most, but, taking into consideration Romania’s economic performance, it isn’t: in 2020 Romania will overgrow Turkey in terms of Purchasing Power Parity, and in 4 years it will reach both Greece and Russia.

More exactly, IMF predicts in 2020 Romania will have a GDP per inhabitant of 29,554 international USD, while in 2024 Romania will have, exactly as Greece and Russia, a GDP per inhabitant of 36,000 international USD.

At the moment, Romania has overgrown Croatia and Bulgaria regarding GDP per inhabitant in respect to the other European Union countries.

Photo explanation: the statue of Stephen the Great, one of the rulers of Romanian province Moldova, whose greatest accomplishment during his reign was opposing the Otoman Empire’s expansion between 1457–1504. He is praised by all Romanians for this and the Romanian Orthodox Church canonized him and made him “Stephen the Great and Saint”.

As opposed to what happened in the past, the history has changed and now Romania and Turkey have one of the closest economic relationships ever, with trade exchanges estimated at USD 7 billion a year. Yet, overgrowing Turkey in terms of GDP per capita would be an outstanding economic performance for Romania, an ex-communist state.