Background. Romania made important progress in addressing economic imbalances in recent years. Prudent policies, partly in the context of successive Fund-supported programs, reduced vulnerabilities, and the fiscal and current account deficits improved markedly. However, economic policies have weakened recently and hard-won gains are at risk. Fiscal policy is pro-cyclical and the fiscal deficit is projected to increase substantially in 2016 and remain high in 2017, putting public debt on a gradually rising trajectory. Progress on structural reforms has slowed. Some recently passed measures, and others under consideration in parliament, could threaten property rights and damage the financial sector. Outlook and risks. Recent stimulus measures have raised cyclical-but not structural-growth. Underlying inflation, adjusted for recent tax reductions, is expected to gradually pick up. Risks to the outlook are tilted to the downside and relate mostly to a possible further weakening of policies in an election year and external uncertainties.
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|Size: ||2.5 MB|
|Publisher: ||INTERNATIONAL MONETARY FUND|
|Date published: || 2016|
|ISBN: ||9781484345153 (DRM-EPUB)|
|Read Aloud: ||not allowed|