The economy could contract by 1.5 percent this year and an argument in support of a more pessimistic prognosis is the very sharp adjustment of the current account deficit, declared for NewsIn the central lender (BNR) vice governor Cristian Popa, who stressed that BNR is working with official estimates.
The 2009 budget is built, after the recent revision, on an estimate of a 4 percent drop in the economy.
The current account deficit could adjust to 7.5 percent of the gross domestic product (GDP) or even less in 2009, from 12 percent last year, even if a GDP decline is anticipated, Popa added.
The balance of payments deficit reduced 75.5 percent year on year in the first two months of 2009, to 614 million euros, following a significant shrink in the trade gap and a hike in the surplus of the current transfers balance.
Popa says Romania could adopt the single European currency only starting with January 1 2015, after making this decision in 2014, according to plan, as the European Central Bank (ECB) will require complete data on the country's macroeconomic evolution on a two-year period.
The government and the central lender BNR target to adopt the euro in 2014 and to enter the Exchange Rate Mechanism ERM II in 2012.
Article comments "Romania's economy could shrink by merely 1.5% in 2009"
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