ROMANIA BETWEEN SUSTAINABLE DEVELOPMENT AND REAL CONVERGENCE

Ion Ghizdeanu ()

Annals - Economy Series, 2012, vol. 4I, 37-43

Abstract: The improvement of the real convergence represents a difficult process, due not only to the international context and the uncertainties regarding the extinction of the world-wide economic and financial crisis, but also to the apparent divergence between the macroeconomic stability requirements and the economic growth, necessary in order to accelerate the process of catching-up to the European Union average. In other words, the difficulties come from the superposition of three processes with negative impact over the economic growth on short and medium-run, respectively: - EU’s global policies aiming to ensure durable economic growth, respectively involving the reduction of emissions, changes of climate etc; - Policies aiming to combat the crisis, which take into account modalities of reimbursement of the aid given to the EU member states; - Ensuring the sustainability and, implicitly, the reduction of the budgetary deficits, policy resulting in effects over the investment expenditure, but also over the consumption. The most pregnant concern within EU still refers to the accomplishment of a durable and sustainable economic growth, instead of moving the emphasis nevertheless the increasing macroeconomic imbalances, to the resumption of the economic growth at its potential level and the subsequent acceleration of the policies aiming to durability and sustainability, in order to comply with these objectives on long run (at the horizon of year 2020). Further to the constraints brought upon by the general framework, other ones, more specific for Romania and the structure of its economy, particularly for a less developed and modern country, but especially for the behavior of the economic agents, may appear.

Keywords: real convergence; economic growth; economic stability; real convergence (search for similar items in EconPapers)
Date: 2012
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