Romania’s President Traian Basescu has warned that Romania risks returning to economic crisis, due to the lack of fiscal predictability.

“This year we have seen a whole series of new taxes which have upset the business environment. Such barriers determine investors to take a step back, and the decline in foreign investments in the first seven months of this year proved it, investments were down 13.8%,” Basescu said in a business forum organized by Forbes magazine.

He added that the Government itself invested less and preferred to direct its money to social care. “By following this road, Romania risks falling back into economic crisis,” the President added.

editor@romania-insider.com