Recently, the World Bank has carried out a series of studies focusing on Romania’s sustainable and inclusive regional development. These analyses were completed within the framework of a technical assistance project for the Ministry of Regional Development and Public Administration.
One of these studies focuses on the drivers of economic growth and, specifically, on what public institutions can do to encourage it. The main conclusions are illustrated in four videos, which aim to inform the public on our country’s economic development opportunities.
- Economic growth: Each Romanian contributes to the country’s economic growth. For an efficient development, the entire population needs functional institutions, access to opportunities, and a good quality of life.
- Competitive cities: The main engines of economic development are Romania’s competitive cities. Population density and proximity to dynamic consumer markets, together with the mobility of capital, goods, services, and labor, significantly contribute to economic growth.
- Market forces: Economies of scale are crucial for successful economic development by creating a virtuous cycle of growth. Large urban agglomerations and migration are important factors for development and one of Romania’s major priorities is to build a stronger connective infrastructure, internally and externally, with a special focus on improving connections to the European Union.
- Integration of marginalized communities: Economic development is essential for all people who make up a country’s economic and social system. Growth occurs when people have access to opportunities and are able to meet their full potential. Effective integration of marginalized communities would bring prosperity for the entire Romanian society.
Romania’s development requires growing dynamic and competitive cities and supporting them in the global competition. Overtime, the benefits of these cities, and of each individual, will spill over the entire economy, and Romania will become truly competitive.