Romania Archives - Economy Watch

Romania Fights with EU over E. Coli Alert Error

Romanian officials condemned the European Union’s decision to uphold an Italian E. coli alert over Romanian sheep cheese, according to The New Zealand Herald. Instead, Romanian health officials stated that an alert should have been tailored to cow-based cheese that was made in Romania, dispelling broader claims made by Italian authorities. Romania relies heavily on sheep cheese exports, and roughly 20 tons of cheese had been removed from shelves because of the mistake.

Tax Fraud could be Draining the Potential from the Romanian Economy

Currently, tax evasion is estimated to be one of the biggest issues that has begun to break down the heart of Romania’s economy, holding back the country and ensuring it remains steadily in place as one of the poorest places in the European Union. The estimated costs of the undeclared economy are considered to be huge, and approximately a quarter of the people working in Romania are currently believed to be out of reach of most tax inspectors. At this point, if all activity within Romania was properly taxed, it is believed that national revenues could double.

Romanian Mayor Stages Hunger Strike Over Government’s Austerity Cuts

The mayor of the central Romanian town of Brad in the Hunedoara County has gone on a hunger strike, after recent cuts in heating subsidies by the government left the majority of his citizens without fuel oil to keep warm during the winter.

Romania – Fast Facts

Romania is a lower middle income economies comes under the Europe and Central Asian region, as to the classification made by the world bank on the basis of income and region for the year 2006.

The economic performance of Romania has gained momentum in the twenty first century. The rate of inflation in the economy is under control and the economy growth is satisfactory. The country has attracted more foreign direct investment in the recent years also.

Romania Economic Forecast

In January of 2007, Romania became a member of the European Union. At that time, the process of changing from a communist country based primarily on an industrial base and product of things that did not suit Romania to a new country with incredible opportunity. Over the past few years, domestic consumption, as well as investments boosted this country’s economy, helping improve the Gross Domestic Product or GDP. However, this also caused imbalances for the national current account balance.