Pogea doesn�t rule out a 0.5% economic contraction in 2010

“Outlook for 2010 remains surrounded by uncertainly, growth prospects remain fragile. We are considering a zero economic growth, it may be +0.5% or -0.5, said Pogea.

The Government is taking into account an economic contraction of 8.5%for this year and a Gross Domestic Product of 497.3 bln lei. Last year, Romania’s GDP stood at 504 bln lei (€136.8 bln).

International Monetary Fund projected a contraction of the country’s economy by 8.5% and a growth of 0.5% in 2010.

Economic projections for Romania:

- IMF expects the country’s economy to come back in the positive territory in 2010;

- National Prognosis Commission said Romania was likely to emerge from recession in second quarter 2010;

- Capital Economics says recession may last into 2010, adding that optimism on the country’s recovery is premature;

- Governor Mugur Isarescu expects the economy to pick up in fourth quarter;

- ING sees U-shaped recession;

- Raiffeisen: Romanian economic will hit rock bottom in fourth quarter.

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