Corruption slows down economic growth in Greece, Bulgaria, Romania and Hungary, says IMF official

The economic growth in Greece, Bulgaria, Romania and Hungary is hampered by corruption, said Aasim Husain, Deputy Director in the European Department of the International Monetary Fund IMF, cited by Novinite. On the other hand, Poland and Latvia will be the fastest growing economies in Eastern Europe, and Husain predicts a growth of 5 percent for the two countries. According to him, the main task for the countries in the region, mainly indebted countries such as Croatia and Serbia, would be to secure growth in credit lines for the economy, as well as financing through loans from abroad, reports Novinite. The recent emergency situation in Bosnia and Herzegovina and Serbia, caused by heavy rains, would also impact the economic growth this year. The IMF foresees a 2.2 percent economic growth for Romania this year, followed by 2.5 percent GDP increase in 2015. In 2013, Romania’s economy went up by 3.5 percent, one of the highest increases in the EU. Irina Popescu, irina.popescu@romania-insider.com