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Overview

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Romania

2022

Population, million

19.9

GDP, current US$ billion

300.3

GDP per capita, current US$

15,076.5

Life Expectancy at Birth, years

73

Romania has made impressive strides in enhancing its economic performance and prosperity over the past two decades, supporting convergence in living standards with the European Union (EU). However, several constraints, including weak institutions, shortages of skilled workforce, poor connectivity, low resilience to natural hazards, and the effects of climate change, hold Romania back from making growth more inclusive and more sustainable economically and environmentally.

The Romanian economy decelerated to 1.7% in the first half of 2023, despite resilient private consumption and investment aided by EU funds. Growth will moderate in 2023, in alignment with EU’s weakened economic activity, but rebound in the medium term. Fiscal and current account deficit pressures will remain elevated, necessitating structural reforms. Poverty reduction is set to decelerate due to high food and energy costs, partly offset by government support. Tackling energy poverty is key to poverty alleviation and social inclusion.

Last Updated: Oct 09, 2023

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Romania: Commitments by Fiscal Year (in millions of dollars)*

*Amounts include IBRD and IDA commitments

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Country Office Contacts

Bucharest, Romania
31 Vasile Lascar St. / Sector 2 UTI Building, 6th floor
020492 Bucharest, Romania
40 21 201 03 11
40 21 201 03 38