“The crisis effects are severe. All economic projections will be revised downward worldwide, and Romania cannot remain detached from the outside events, yet with its particularities”, said Isarescu at a roundtable on global financial crisis and its effects unfolding in Romanian economy.

He called for serious talks and debates to differentiate the real events from the virtual events, highlighting that the media has exacerbated the crisis to a certain extent.

Romania’s gross domestic product increased by mere 2.9% in last quarter of 2008, putting the brakes to an annual economic growth to 7.1%, as the contraction of demand has reduced the activity in the majority sectors of the economy, reads the statistic report released by INS earlier today.

National Commission of Prognosis forecasted in January a 7, 9% advance of GDP for last year and 2.5% for 2009.