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Iulian Ernst
Senior Editor

Iulian studied physics at the University of Bucharest, and he sees himself as a physicist in the broadest sense of the word. He also studied economics at Charles University in Prague and Central European University in Budapest, after a master’s program in business administration at Bucharest Academy of Economic Studies. Since recently, he’s been exploring coding and data analysis for business and economics. As a freelancer, he worked for nearly two decades as an analyst for ISI Emerging Markets, Euromonitor International, Business New Europe, but also as a consultant for OMV Petrom and UkrAgroConsult. Iulian was part of the founding team of Ziarul Financiar. At Romania Insider, which he joined in 2018, he is reviewing the latest economic developments for the premium bulletins and newsletters. He would gladly discuss topics such as macroeconomics, emerging markets, Prague, energy sector including renewable, Led Zeppelin, financial services, as well as tech start-ups and innovative technologies. Email him at iulian@romania-insider.com. 

 

Romania’s former PM Citu says it drafted 2022 budget with 5.84%-of-GDP deficit

Former prime minister Florin Citu said that his Liberal Government was going to bring the public deficit somewhere in between 5% of GDP and 7% of GDP this year and claimed that he left a budget planning for next year with a target of 5.84%-of-GDP deficit, News.ro reported.

He thus puts pressure on the new Government at a time when the rating agencies, central bank and all analysts expect to see the new Government’s fiscal strategy before shaping their expectations.

The new Government, headed by Liberal prime minister Nicolae Ciuca but controlled by the Social Democrats (including through finance minister Adrian Caciu), maintained under a final budget revision of this year’s deficit target at 7.13% of GDP and released no plan for 2022 yet.

The public deficit was 4% of GDP at the end of October and probably 5% of GDP at the end of November, former PM Citu stated, arguing (in line with the Fiscal Council) that there is no reason for a 7%-of-GDP deficit this year.

In related news, Cristian Popa - a member of the National Bank of Romania (BNR) Board, stated that the new Government “sticking with” the 7.13%-of-GDP deficit target “eliminates a source of uncertainty,” thus implying rather cautious expectations from the new Government, Bursa.ro reported. Social Democrats’ rhetoric justifies such caution.

“It is very important to see how the budget planning for next year looks like; it is important to see that the new government remains committed to fiscal consolidation,” Cristian Popa stated. 

iulian@romania-insider.com

(Photo source: Gov.ro)

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Profile picture for user iuliane
Iulian Ernst
Senior Editor

Iulian studied physics at the University of Bucharest, and he sees himself as a physicist in the broadest sense of the word. He also studied economics at Charles University in Prague and Central European University in Budapest, after a master’s program in business administration at Bucharest Academy of Economic Studies. Since recently, he’s been exploring coding and data analysis for business and economics. As a freelancer, he worked for nearly two decades as an analyst for ISI Emerging Markets, Euromonitor International, Business New Europe, but also as a consultant for OMV Petrom and UkrAgroConsult. Iulian was part of the founding team of Ziarul Financiar. At Romania Insider, which he joined in 2018, he is reviewing the latest economic developments for the premium bulletins and newsletters. He would gladly discuss topics such as macroeconomics, emerging markets, Prague, energy sector including renewable, Led Zeppelin, financial services, as well as tech start-ups and innovative technologies. Email him at iulian@romania-insider.com. 

 

Romania’s former PM Citu says it drafted 2022 budget with 5.84%-of-GDP deficit

Former prime minister Florin Citu said that his Liberal Government was going to bring the public deficit somewhere in between 5% of GDP and 7% of GDP this year and claimed that he left a budget planning for next year with a target of 5.84%-of-GDP deficit, News.ro reported.

He thus puts pressure on the new Government at a time when the rating agencies, central bank and all analysts expect to see the new Government’s fiscal strategy before shaping their expectations.

The new Government, headed by Liberal prime minister Nicolae Ciuca but controlled by the Social Democrats (including through finance minister Adrian Caciu), maintained under a final budget revision of this year’s deficit target at 7.13% of GDP and released no plan for 2022 yet.

The public deficit was 4% of GDP at the end of October and probably 5% of GDP at the end of November, former PM Citu stated, arguing (in line with the Fiscal Council) that there is no reason for a 7%-of-GDP deficit this year.

In related news, Cristian Popa - a member of the National Bank of Romania (BNR) Board, stated that the new Government “sticking with” the 7.13%-of-GDP deficit target “eliminates a source of uncertainty,” thus implying rather cautious expectations from the new Government, Bursa.ro reported. Social Democrats’ rhetoric justifies such caution.

“It is very important to see how the budget planning for next year looks like; it is important to see that the new government remains committed to fiscal consolidation,” Cristian Popa stated. 

iulian@romania-insider.com

(Photo source: Gov.ro)

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