FINANCIAL AND ECONOMIC CRISIS IN ROMANIA: VULNERABILITIES AND OPPORTUNITIES FOR ECONOMIC RECOVERY

Mihaela Daniela Niculescu
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Mihaela Daniela Niculescu: Hyperion University, Bucharest

No 21, Working papers from Ecological University of Bucharest, Department of Economics

Abstract: The current economic crisis through which humanity is going is not limited to the economic and financial sector, but also the whole society including an increasingly polluted environment. The problems that contemporary society is facing have serious consequences for the entire planet and they refers to resource depletion, climate change, food and water crisis, deforestation, population growth, an increased gap between rich and poor countries, monetary policies crisis and more. Romania’s economy is connected to international economic flows and therefore feels the positive aspects (eg. the catching-up process recorded in the 2000 – 2008 period) and negative (in 2008 some countries were already in crisis, but Romania was still on an upward trend, with an increase of 7.3% in 2009; in 2009 instead Romania had a sudden drop in the GDP level, reaching -7.1%). The crisis effects on Romanian economy manifested on several levels: the evolution of the industrial production, of employment and foreign direct investment attracted. The purpose of this paper is to highlight the vulnerabilities of Romanian economy hoping to find and suggest some solutions to economic recovery.

Keywords: financial and economic crisis; financial instability; recession; economic recovery (search for similar items in EconPapers)
JEL-codes: E6 F43 O4 (search for similar items in EconPapers)
Pages: 5 pages
Date: 2013-04
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