Loading ...Romania failed last year to benefit from the advantages of the flexible exchange rate, the Romanian economy’s contraction being much more abrupt than the drops registered by the other countries, the currencies of which had been in free flotation, and the situation is to go on in 2010 as well, the Ziarul financiar daily quotes an ING analysis as saying on Tuesday.
The Romanian economy underwent a contraction of nearly 8 percent in its Gross Domestic Product (GDP) last year, compared to the average drop of 4.1 percent registered in the Central and Eastern European countries, ING estimates say.
Likewise, Romania’s downturn is much steeper than the average decrease worth 3.2 percent the Central and East European states registered, at a flexible currency exchange rate, the ING analysts believe. Last year, ING Bank expected the Romanian currency to go down to 4.7 lei to the euro.
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