IMF expects Romania to slide into recession

International Monetary Fund (IMF) expects Romania to plunge into recession in 2008.

IMF says in a press release where it describes the findings of its official staff visit in Romania, that the Romanian economy is likely to plunge this year to negative values, seeing a possible recovery no sooner than end-2009-early 2010.

ING said recently that Romania faces low odds to avoid recession in 2009, due to the worrying situation in trade, industrial production, construction, which could lead to a 3.5% shrinkage of the gross domestic product this year, while the budget deficit target seems unrealistic.

“Romanian economy will compress by 3.5% in 2009, being the steepest decline in EEMEA (Eastern Europe, Middle East and Africa) area, after Ukraine, which makes us think there are small odds for Romania to avoid the recession in 2009”, ING Bank analysts said in an analysis made public recently.

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