“We keep describing the macroeconomic context, but it’s worse than what we had imagined a year, six months or three months ago. What worries me the most is that there are no signs pointing to a recovery in three months, six months or a year. It could get worse”, Vladescu said at a conference organized by Bursa daily.

The Ministry of Finance added that the performance of the world’s economies was driven by “extremely difficult and expensive decisions lawmakers had to make both politically and socially” that any government is forced to make. “Some are trying to see the silver lining. But in the end, economic data show this is nothing but wishful thinking”, said Vladescu as quoted by NewsIn.

Romania suffered one of the severest annual economic contractions in EU, outranked only by Latvia, Bulgaria and Lithuania.