Evolution and consequences of economic crisis in Romania

Gina Ioan () and Catalin Angelo Ioan

EuroEconomica, 2015, issue 2(34), 161-189

Abstract: The paper treats the main Romania's macroeconomic indicators before and after the economic crisis began. It is determined a set of correlations of population occupancy level by investment in key sectors. Also, finally, it is determined the Okun's law in Romania. The analysis reveals that a higher occupancy labor will implicitly lead to an increase in the GDP. On the other hand, the structure and nature of investment in Romania must be redesign, in the purposes of achieving a compromise between technology and creating jobs. An increase in training of the population, fostering integration of graduates (especially those with secondary and higher education) in the labor market and limit migration will lead to increased investment in high efficiency especially in industry and a highly competitive on foreign markets. Also, a higher labor efficiency will increase the Okun’s coefficient (1.72 for Romania as compared with 2 in most developed countries) so a higher potential GDP growth relative to labor.

Keywords: GDP; unemployment; Okun. (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:dug:journl:y:2015:i:2:p:161-189

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