THE DAWN OF A NEW ECONOMIC CRISIS ROMANIA’S ECONOMY IN THE CONTEXT OF CURRENT INTEGRATION AND GLOBALIZATION EVENTS

Ratiu (Scutelnicu) Mina Raluca
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Ratiu (Scutelnicu) Mina Raluca: Babes-Bolyai University, Faculty of Economics and Business Administration Cluj Napoca, Romania

Annals - Economy Series, 2019, vol. 5, 50-65

Abstract: This project aims to highlight the aspects which best define events such as globalization and integration with major implications on the Romanian economy especially now when the euro currency adoption has a new deadline - 2024. The implications and consequences of globalization are the topics of many articles, each trying more or less to highlight the visible positive aspects of this phenomenon but there are very few that mention the negative aspects and the challenges it brings. Taking into account the last few years of “sustained” GDP growth, the lesson-learned from the previous economic crisis (at least in the banking sector regarding the granting of loans) but also the internal political instability which led to a higher level of inflation and exchange rate, a new economic crisis may have a very different and complex consequences than the previous one. The current globalization has increased interdependence between economies through free movement of goods and factors of production, and with it also the vulnerability to external shocks. In the new context of geo-economics and geopolitical events (Brexit, the commercial war between China and the USA, slowing global economic growth) the question arises: “How prepared is the Romanian economy to absorb the potential shocks of a new economic crisis?”

Keywords: Globalization; Integration; Economic crisis, European Union; Global economy; Romania's economy; GDP/capita (search for similar items in EconPapers)
Date: 2019
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