Posts Tagged ‘economy’


Nu au trecut mai mult de 2-3 ani de cand politicieni si analisti celebrii de prin toata lumea ne spuneau cu mare emfaza ca vremea occidentului, in frunte cu SUA a apus, si ca noile puteri economice si politice care se intrevedeau la orizont – Brazilia, Rusia, India si China, denumite generic BRIC, vor conduce si domina lumea.

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As the euro area starts to show signs of an economic turnaround, with growth expected to pick up gradually in 2014 and 2015, now is perhaps a good time to assess the longer term prospects for the area as a whole.

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Romania is is wealthier, more dynamic and more sophisticated than some stories suggest. Unemployment there is relatively low (and lower than in Britain). Its budget deficit puts Britain to shame. The government is in the midst of liberalising the economy, opening up new sectors (most notably, energy and telecoms) to competition and investment. Economic growth is at 4.1%. Wages are rising fast. Adjusting for prices, Bucharest’s GDP per capita is above the EU average. Indeed, the average Bucharest resident is comfortably better off than the average resident of Manchester.

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De ce ar trebui sa fim optimisti?

With open economies heavily geared to a eurozone recovery and cheaper wage costs, central Europe is still expected to grow faster than western Europe.

“The growth difference still stands,” says Herbert Stepic, chief executive of Austria’s Raiffeisen Bank International, one of the biggest operators in central Europe. “We see a growth difference for 2013 of about two percentage points between CEE as a whole and the EU.”

Other heads of big banks in the region share this cautious optimism. “We still consider CEE to be the driving engine for the growth of our group,” says Gianni Franco Papa, head of the CEE division of Italy’s UniCredit.

Central and eastern Europe to outpace west as lenders think local

The shadows that gathered last year over central and eastern Europe (CEE) have, little by little, started to recede.

This time a year ago, the eurozone debt problems were weighing heavily on sentiment, with talk of a possible “Grexit” – a Greek exit – from the eurozone that could tear the single currency apart.

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