“The economic recovery of Romania is still plagued by the poor performance of the construction and trade sector, by the decline in manufacturing output and increase in jobless rate, which makes a negative GDP reading for the first quarter this year very likely. We also believe that the 0.8-1% economic growth forecasts for 2010 rather optimistic, considering the current situation of the country and government’s failure to take any action: our analyses point to a maximum 0.5% economic growth this year”, said Victor Safta (photo), chief executive of X-Trade Brokers Romania.
As for Central and Eastern European countries, Poland remains a leader in terms of “economic crisis management”, as it devised a laudable response to financial crisis to bypass the recession that engulfed its peers in the region, while other countries are still reeling from it.
XTB study indicates that both the European Union and large EU countries have had inconclusive economic results that would point to a sustainable economic recovery.
“Mid last year, EU had many chances to emerge from recession even before the US, but its «for better or for worse» commitment has hurt developed countries, while less developed ones had levers and funds they could use to jumpstart their economies but they failed to do it. Greece’s debt crisis serves to EU and euro are in particular as a «test of resilience» that will not come to an end once with the bailout package: it would backfire on the long-run”, said Safta.
On the other hand, although the USA is reporting negative economic indicators readings, such as consumer credits or wholesale inventories, is still offering coherent signals on the economic recovery, XTB said.
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