22 Mai 2009
Isarescu: weve reached the recessions lowest point in Q1
The lowest point of recession in Romania, which was a V-shaped bottom, was reached in first quarter, said the governor of National Bank of Romania, Mugur Isarescu.
“The rockbottom point of the V-shaped recession was reached in first quarter. The central bank has never denied the likelihood of an impact of the crisis, but we needed time to identify the channels through which it had spread”, said Isarescu.
He added that the adjustment of external deficit, which was “absolutely necessary”, generated a better response from the economy than NBR had expected.
Romanian economy shrank in first quarter this year by 6.4% from prior-year period, according to preliminary data made public earlier this month by National Institute of Statistics.
He added that the adjustment of external deficit, which was “absolutely necessary”, generated a better response from the economy than NBR had expected.
Romanian economy shrank in first quarter this year by 6.4% from prior-year period, according to preliminary data made public earlier this month by National Institute of Statistics.