CONSIDERATIONS ON THE EVOLUTION OF ROMANIAN FOREIGN TRADE UNDER THE IMPACT OF ECONOMIC CRISIS

Gabriela Dobrotă and Petruţa-Elena Cumpănaşu
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Gabriela Dobrotă: Constantin Brancusi University, Romania
Petruţa-Elena Cumpănaşu: Constantin Brancusi University, Romania

Annals - Economy Series, 2011, vol. 4, 217-222

Abstract: The foreign trade represent the engine of renewal of productive structures of developed countries and the essential vector for the development of newly industrialized nations as countries that can not be considered as belonging to the developing countries, mainly due to exports development. Nobody doubts the need for foreign trade and its possible beneficial effects for the economy of a country, which is supported by John Stuart Mill classical economist, who said that "openness to foreign trade ... is sometimes the effect of an industrial revolution as a country whose resources are poor" This paper analyses, on the one side, the importance of foreign trade and his evolution in 2001– 2010 period, and, on the other side, the consequences of the economic crisis on it. The period under review includes the last years of economic growth in Romania and the first years of actual economic crisis., because the global economic crisis is reflected strongly in the evolution of Romania's foreign trade, which in February 2009, has seen a veritable collapse over the same period of the previous year.

Keywords: domestic economy; foreign trade; market economy; economic growth; economic crisis (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:cbu:jrnlec:y:2011:v:4:p:217-222

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