Banca Transilvania, the biggest bank on the local market asset-wise,
estimates that Romanian economy will grow by 3.8% in 2022 compared to
Ciucă government’s 2.9% forecast and that GDP will reach EUR 277
billion, compared to EUR 240 billion in 2021. In 2023, GDP is expected
to reach EUR 306 billion. For private consumption, the main component
of GDP, Banca Transilvania forecasts a 4.7% advance this year and a
5.2% increase in 2023, while investments will only grow by 3.2%.
Moreover, average inflation will be 10.5%, up from 4.1% in 2021, and
the National Bank of Romania (NBR) will raise the monetary policy
interest rate to 4.5%, from 3.75% at present.
ECB President Christine Lagarde wants the European Central Bank to act
"in a determined and sustained manner" to combat the record inflation
in the euro area, especially if there are signs of a sharp rise in
price-related expectations among consumers and businesses. The ECB
plans to start raising rates in July for the first time since 2011, and
on Tuesday, Christine Lagarde maintained the plan to start with a 0.25%
increase before making a bigger move in September, unless there is a
rapid improvement in the inflation outlook. Moreover, the bank will
stop bond purchases starting from Friday, in response to the record
annual euro area inflation, of 8.1% in May, four times higher than
ECB’s 2% target.
State budget revenues grew by 22% in the first five months of 2022,
compared to the same period of 2021. The advance is very good, given
that a 13% increase in revenues had been estimated for 2022. Ionuț
Dumitru, a chief economist at Raiffeisen Bank, has stated that VAT
revenues have had a good evolution in 2022, but the dynamic of social
contributions and salary taxes is not so great and is below the wage
bill in economy.
The Ministry of Finance has drawn up the normative act regulating the
SME INVEST PLUS Program, which facilitates access to financing for
companies facing a liquidity shortage, necessary to carry out
investment projects and to continue their activity. Financing can be
accessed until 31 December 2022 and interests will be paid within
maximum 13 months from the date when each loan is granted. The program
will be implemented in the form of a state aid scheme under which
guarantees and grants will be provided to cover part of the financing
costs of the contracted loans.
Bank interest rates will grow, given the upward trend of both ROBOR and
IRCC, the benchmark index used for consumer loans, Adina Călin, Product
Manager at CEC Bank, stated during the ZF Invest in Romania Conference,
organized in Constanta. She also pointed out, among other things, that
the monetary policy interest rate was 5.25% in Poland, 5.75% in the
Czech Republic and 5.40% in Hungary.
MaxyGo Credit IFN has obtained the operating permit from the National
Bank of Romania (NBR) and will start granting the first loans in
mid-July, Alexandru Apostol, general manager and shareholder of MaxyGo
Broker, a Top 20 player, told Profit.ro. The company is controlled by
Romanian holding MaxyGo Invest, with a 96% stake, along with Alexandru
Apostol - 1.68%, Luciana Apostol - 1.68%, Laura Marinela Niță - 0.32%
and Carmen Silva Stanciu - 0.32%.
BRD Groupe Societe Generale, as initiator and founding partner, and
Social Innovation Solutions, an organization active in sustainability,
social impact and innovation, are to organize the Climate Change Summit
on 4-5 October 2022, at the Odeon Theatre in Bucharest and several
related events at the Palace of Parliament and Victoria Palace. The
event is the first summit in Romania dedicated to climate change and
aims to be an annual reference forum for national and European leaders
in the sector, to identify solutions applicable at local and regional
level in the field of climate policies and sustainability. The
transition to a green economy, sustainable financing and investments,
sustainable solutions in energy, agriculture and the food industry or
how technologies such as AI or Blockchain can become tools to combat
the effects of climate change are some the most important topics on the
agenda of the first edition of the Summit.
Andreas STIHL Power Tools SRL, a subsidiary of Andreas STIHL
AG&Co. KG holding from Germany, plans to build a new production
unit in the Eurobusiness I Industrial Park, located on Borșului Street
in Oradea, worth EUR 125 million, on a land area of about 147,000
square meters. This investment will be carried out in stages and is the
result of direct negotiations, representing the most important
investment since the establishment of Agenţia de Dezvoltare Locală
Oradea S.A. up to present.
The first bridge built on national roads in Buzău County after the 1989
Revolution was inaugurated on Tuesday, 28 June, on DN 10 National Road,
at Cislău, over the Bâsca Chiojdului River, after 19 months of works.
The bridge is 140 meters long, with three spans of 40-60-40 meters, and
is the only bridge in Buzău and among the few in the country with a
60-meter span. The new bridge required a RON 17,140,000 investment, VAT
not included, and works started on 10 October 2020.
Regardless of industry, the impact of Artificial Intelligence on
companies is growing and accelerating. The biggest companies in the
world that discussed artificial intelligence (AI) during their
financial results conferences in 2021 were 40% more likely to see an
increase in share prices - up from 23% in 2018. In addition,
investments in AI is growing. In 2021, 19% of analyzed companies used
more than 30% of their technology budgets for AI projects. The
percentage of organizations investing more than 30% of their technology
budgets in AI will grow to 49% by 2024.
The Presidential Administration has announced that on Tuesday, 28 June,
President Klaus Iohannis promulgated the law completing Law 134/2010 on
the Civil Procedure Code. The normative act amends this law by
introducing a provision on the communication of court decisions, ex
officio, by electronic mail. Moreover, "court rulings shall be deemed
as communicated upon receiving a message from the used system saying
that they have reached the addressee, according to data provided by the
On Tuesday, President Klaus Iohannis promulgated the law on the
prevention and sanctioning of all forms of discrimination, according to
the Presidential Administration. The normative act amends Article 23,
paragraph (2) of Government Ordinance 137/2000, by establishing the
norm according to which one of the members of the National Council for
Combating Discrimination must be a representative of the parliamentary
group of national minorities.
Romania cannot launch procedures to auction off the 5G frequencies
until the Communications Code gets the green light, Digital Minister
Sebastian Burduja has said. The auction for the 5G spectrum represents
one of the targets that needs to be completed by 30 June, according to
the country’s recovery and resilience plan. But Burduja said the
auctions cannot be launched as the Communications Code was contested by
the Constitutional Court, and parliament needs to re-approve the law,
to make the necessary corrections. The legislation is now in
parliament, but the authorities want to wait to be sure no other
complaint is filed to the Constitutional Court.
69.8% of Romanians believe that things in Romania are going in the
wrong direction and only 24.3% think that things are going in the right
direction, according to an Inscop survey. When asked what they thought
about the overall situation in Romania compared to 30 years ago, 54% of
respondents said it was worse, 35.6% said it was better, 8.5% said it
was the same and 1.9% did not answer. The Inscop survey also
introduces, for the first time, the administrative-territorial reform
theme, an issue abandoned by the ruling coalition.
On Tuesday, 28 June, CFA Romania Association published the study on
population ageing and the economic consequences of this phenomenon,
considering that population ageing is an important issue on Romania’s
public policy agenda and cannot be delayed. According to the study,
Romania is an exporter of labour and social balance in the European
Union. Studies show that, in the context of an open market, certain
imbalances on developed markets are covered by imported labour.
Romanians who have emigrated contribute both to covering labour needs
in areas with deficits and to balancing the social system and the
social contract in EU countries.