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Overview

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Romania

2021

Population, million

19.2

GDP, current US$ billion

284.9

GDP per capita, current US$

14,872.7

Life Expectancy at Birth, years

74.4

Romania has achieved impressive growth and prosperity over the past two decades. However, the shocks induced by the COVID-19 pandemic and the war in Ukraine have exposed structural vulnerabilities in the economy. These include persistent poverty and disparities in economic opportunity across regions and between urban and rural areas, structural rigidities in the product and labor markets, weaknesses in fiscal policy and significant institutional constraints hindering the efficient use of resources.

Romania’s economy recovered at 5.9 percent in 2021 and performed better than expected in the first half of 2022, growing at 5.8 percent, despite a significant pick-up in inflation and increased uncertainty due to the war in Ukraine. The fiscal deficit remained elevated in 2021 at 7.1 percent and could edge close to 7 percent in 2022 as fiscal pressures persist. Given Romania’s limited fiscal space, maximal absorption of the EU Multiannual Financial Framework and Next Generation EU funds will be crucial for a sustainable recovery.

LENDING

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