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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 [email protected] 

 

World Bank revises downward forecast for Romania’s economic recovery

Romania's economy will rise by 3.5% this year, after a 5% contraction in 2020, according to the latest issue of the World Bank's Global Economic Prospects.

The economic growth will accelerate to 4.1% in 2022. In comparison, in October last year, the World Bank estimated that the Romanian economy would contract by 5.7% in 2020 and register a recovery of 4.9% in 2021.

For the Europe and Central Asia (ECA) region, which includes Romania, the World Bank expects moderate economic growth of 3.3% this year.

Still, it underlines that this scenario is conditioned by the distribution of an effective vaccine in early 2021 in advanced economies, large emerging markets, and developing economies, including Russia, followed by other countries in the second half of the year.

The World Bank also revised down its forecasts for global economic growth in 2021 to 4% from 4.2% as previously estimated, after a contraction of 4.3% in 2020.

It warned that an increase in COVID-19 infection cases and vaccine distribution delays could limit this year's economic recovery to just 1.6%.

"The near-term outlook remains highly uncertain, and different growth outcomes are still possible, as a section of the report details. A downside scenario in which infections continue to rise and the rollout of a vaccine is delayed could limit the global expansion to 1.6% in 2021. Meanwhile, in an upside scenario with successful pandemic control and a faster vaccination process, global growth could accelerate to nearly 5%," reads the WB report.

(Photo: Diony Teixeira/ Dreamstime)

[email protected]

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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 [email protected] 

 

World Bank revises downward forecast for Romania’s economic recovery

Romania's economy will rise by 3.5% this year, after a 5% contraction in 2020, according to the latest issue of the World Bank's Global Economic Prospects.

The economic growth will accelerate to 4.1% in 2022. In comparison, in October last year, the World Bank estimated that the Romanian economy would contract by 5.7% in 2020 and register a recovery of 4.9% in 2021.

For the Europe and Central Asia (ECA) region, which includes Romania, the World Bank expects moderate economic growth of 3.3% this year.

Still, it underlines that this scenario is conditioned by the distribution of an effective vaccine in early 2021 in advanced economies, large emerging markets, and developing economies, including Russia, followed by other countries in the second half of the year.

The World Bank also revised down its forecasts for global economic growth in 2021 to 4% from 4.2% as previously estimated, after a contraction of 4.3% in 2020.

It warned that an increase in COVID-19 infection cases and vaccine distribution delays could limit this year's economic recovery to just 1.6%.

"The near-term outlook remains highly uncertain, and different growth outcomes are still possible, as a section of the report details. A downside scenario in which infections continue to rise and the rollout of a vaccine is delayed could limit the global expansion to 1.6% in 2021. Meanwhile, in an upside scenario with successful pandemic control and a faster vaccination process, global growth could accelerate to nearly 5%," reads the WB report.

(Photo: Diony Teixeira/ Dreamstime)

[email protected]

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