Romania is already out of recession and on the right track,Finance Minister Sebastian Vlădescu told foreign investors during alive statement on international business TV channel Bloombergyesterday morning.
Asked when he thought Romania would "comfortably exit the recessionand start to grow", Vlădescu answered with a slight hesitation:"Well, we already did. We had very, very slight growth in thesecond quarter. For the first time after six quarters of decline wehad 0.3% growth in the seventh, so that I am optimistic we are onthe right track."
Still, compared with the second quarter of 2009, the economy wentdown 0.6% of GDP. A 0.1% quarter on quarter increase had beenpreviously registered in the third quarter of last year. Vlădescuignored the 1.9% GDP decline forecast for 2010 considered at therecent budgetary adjustment.
This the first time since the beginning of his current term inoffice that the Finance Minister has been so optimistic, afterhaving constantly voiced his reservations about the chances of aneconomy recovery for this year and even for 2011 from this springthrough mid summer.
With a smile on his face, he now says he is confident that the"difficult steps" taken by the Government - the 25% salary cut inthe public sector for the last five months of the year and the VATraise to 24% will balance the budget revenues and the deficit willstay under 7% of GDP this year.
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