Romania’s economy will grow by an average annual rate of 5% in the 2019-2021 period, according to the Convergence Program the Government adopted last week.

Household consumption and investments will be the main growth engines in this period. Private consumption is expected to grow by an average 5.8% per year while investment will increase by 8.2% per year, local Agerpres reported.

For this year, the Government estimates a 6.1% economic growth. The forecasted economic growth dynamic is higher than in the previous Convergence Program adopted last year.

The World Bank’s most recent forecast estimates a 5.1% economic growth rate for Romania this year but warns that this rate is above the local economy’s potential. The International Monetary Fund (IMF) sees the local economy up 5% this year while the European Bank for Reconstruction and Development (EBRD) expects a 4.6% growth rate.

editor@romania-insider.com