The conclusions of IMF’s first mission in Romania led by Jeffrey Franks as part of the review of the country’s stand-by arrangement can be summed up to the words that many people don’t like to say and refused to admit that they may be facing a period of poor economic performance “severe recession”. If at first, when the stand-by arrangement was concluded, Romanian economists disagreed with IMF’s scenarios. Now, analysts interviewed by Wall-Street say the worst of recession has yet to come, most likely in the third quarter this year.

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