IMF reduces Romania’s 2023 GDP growth forecast to 2.4%

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April 12 (SeeNews) – The International Monetary Fund (IMF) said that it expects Romania’s economy to expand by 2.4% in 2023, revising downwards its October forecast for 3.1% growth.

Romania’s economic growth is expected to accelerate to 3.7% next year, the IMF said in the April 2023 edition of its World Economic Outlook report on Tuesday.

The country’s gross domestic product (GDP) grew by a real 4.8% in 2022, according to preliminary data published by the national statistical board. The growth matched the IMF’s October forecast.

Consumer prices in Romania are expected to rise by 10.5% this year, compared to an 11% increase predicted by the global lender in October. In 2024, inflation is projected to slow down to 5.8%. Romania’s average consumer price inflation was 13.8% in 2022.

Romania’s current account deficit is projected to shrink to 7.9% of GDP in 2023, from 9.3% in 2022, inching down further to 7.7% in 2024.

Unemployment is expected to sit at 5.6% in 2023, unchanged from 2022, but 10 basis points higher than the IMF’s October projection. In 2024, unemployment is seen to edge down to 5.4%.

Source: seenews