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[Economics] Rumania 2023


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link:https://es.wikipedia.org/wiki/Economía_de_Rumania#:~:text=Rumania es uno de los,la pesca se está expandiendo.

 

Romania joined the European Union on January 1, 2007. Thanks to exports to EU countries, domestic consumption and investments helped GDP growth in recent years, but also resulted in large balance of payments imbalances. .9Romania's GDP increased by 8.8% in 2017, thus becoming the country in the European Union with the fastest growth in production. Its public debt in 2017 was 64,647 million euros, with a debt of 35.1% of GDP. Its per capita debt is 3,311 euros per inhabitant.

Romania is one of the main producers and exporters of agricultural products in Europe. This sector represents 10% of the GDP. Crops occupy 40% of the country's surface; Forest resources are abundant and fishing is expanding. There are natural gas and oil deposits that provide a significant percentage of daily consumption, but to cover the entire demand, the country is forced to import them, mainly from Russia. To try to reduce dependence on external factors, generation in nuclear and hydroelectric power plants has been promoted, and between both types they provide 45% of the energy consumed in the country.

The industrial sector represents 35% of GDP. The main sectors are textiles, steel, the production of machinery and vehicles, weapons and the processing of agricultural production. Services comprise the remaining 55% of GDP, with tourism being the main contributor. The Black Sea, the Danube Delta and the Carpathians are the natural attractions that concentrate tourism, while Transylvania stands out for its cultural heritage.

After the Second World War, Romanian economic resources were nationalized and economic activity was planned. Venezuela and Romania reaffirmed their bilateral relations, established since January 1967. These ties were consolidated through the Economic and Industrial Cooperation Agreement through which the Venezuelan-Romanian Mixed Commission was created in 1973, which has met alternately in ten opportunities since 1975.

In 1989, with the fall of communism, the new government undertook a series of reforms to introduce the market economy system, subjecting the country to several years of privatization and decentralization, the Romanian government has come to have significantly less intervention in the economy. which slowed down the Romanian economy and led to almost four million Romanians leaving the country since the fall of communism. Among those emigrated to the EU there are also more than 43,000 doctors, 103,000 engineers whose training has cost the Romanian State 770 million euros and who have sought better salaries in other countries - such as the United Kingdom or Germany.9 which led to a 3-year recession in 2000.

Since the end of communism, the country suffered a sequence of political and economic crises since 1990. 60% of Romanians considered that the economy worked better under communism.10 The global recession of 2008/2012 has hit Romania hard and The government reduced public spending by 1,000 million euros in 2009 and by 3,000 million in 2010, which contracted consumption and led the country's economy to fall by 8-8.5% of gross domestic product in 2009. Between 2009 and 2013 many companies went bankrupt. The country even had to ask the EU and the IMF for help (about 20 billion euros), which came conditional on a series of adjustments and reforms. The increase in poverty since 2010 is due to the adjustments demanded by the International Monetary Fund (IMF) in 2009 in exchange for a loan of 20,000 million and which included cuts in public salaries and freezing pensions that, on average, They were around 200 euros. The most dramatic was a 25% cut in civil servants' salaries and 15% in pensions", which triggered a wave of protests that ended up forcing the resignation of the then right-wing prime minister, Emil Boc, in February 2012.11

With the inauguration of the social democrat Victor Ponta the situation began to improve, the state abandoned decades of budgetary austerity and embarked on a deep public works program to modernize Romanian infrastructure. The country reacted and began to grow in 2013, raising its growth rates between 2014 and 2018 to the highest in the EU. In gross domestic product (GDP) it has gone from 98,000 million euros in 2007 to 158,000 million in 2015, while foreign direct investment has doubled to 64,000 million registered last year since 2012. Romania, with funds from the Union European Union sought to modernize its agriculture, stabilize its economy and ensure it in crises, modernize and expand its infrastructure, and receive economic aid for the development of its regions. The strength of the Romanian economy varies from region to region. GDP and GDP.

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