Against the backdrop of multiple political, macroeconomic, and microeconomic challenges, perceptions of the business climate deteriorated significantly this year, the AmCham Survey on Romania’s Investment and Business Climate in 2025 showed.

Confidence declined sharply, from 45% in 2024 to just 21% of participating companies still rating the investment climate as good or very good, a level below that recorded during 2020, a year marked by recession and the uncertainties generated by the Covid-19 pandemic. 

The business environment is experiencing fiscal and political uncertainty, complicating medium- and long-term planning. Lack of predictability in public policies, uncertainty regarding the outcomes of long-awaited reforms, escalating pressure related to twin deficits, alongside external pressures and sector-specific challenges, all negatively affect companies’ outlooks, according to the survey.

Still, AmCham member companies' commitment to Romania is reflected in their continued positive outlook on investments planned over the next 12 months and on midterm business development.

A total of 65% of responding companies plan investments in the next 12 months, and as many plan to expand their activities in Romania over the next three years, while 31% expect to maintain current levels. These positive responses reflect confidence that Romania’s economy will return, over the medium term, to more robust growth, supported by reforms and investments under the PNRR and by the gradual mitigation of negative effects associated with fiscal consolidation.

The most important anchors of confidence for investors are: EU membership (87%); NATO membership (62%); the quality of human capital (56%); and market size (45%). According to the survey, the most significant deterioration concerns the competitiveness of the tax system.

Among the least appreciated market conditions are: the predictability of investment conditions (83% of responses); the reliability of public policies (77%); the slow pace of debureaucratization and digitalization of public services (72%); political stability (71%); the corporate tax framework (68%); the macroeconomic stability (67%); the quality of transport infrastructure (63%); the investment support policies and programs (58%); the energy costs (58%); and the healthcare infrastructure (47%).

The most appreciated market conditions (good & very good) included: the quality of human capital (62%); the quality of digital infrastructure (56%); the quality of supply chains (45%), up from 30% in 2024 and 23% in 2023, a positive signal for the Romanian market; and the quality of cyber infrastructure (38%).

The AmCham Romania Business Barometer Survey was conducted in October 2025 among 204 AmCham member companies.

simona@romania-insider.com

(Photo source: Facebook/AmCham Romania)