Largest bank upon revising economy downwards: Romania is a “wounded tiger”

“I was proud to call Romania <<EU’s tiger>>. But it seems this tiger was badly injured in the beginning of this year, and my national pride bubble has burst,” wrote Horia Braun, chief economist with Romania’s largest bank BCR, in their most Monthly Focus report for investors. It did not come as a big surprise: consumer confidence worsened for six months in a row, export market began to weaken, and GDP growth slowed down, writes the report, cited by local Hotnews.ro. BCR has revised down Romania’s economic growth to 4.1% for 2018. While there are worrying reasons, the economy could revive in the second half of 2018, at least for internal consumption, as consumer confidence has stabilized, after the many fiscal changes. Romania’s economic growth slows in the first quarter editor@romania-insider.com