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Overview

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Romania

2020

Population, million

19.2

GDP, current US$ billion

249

GDP per capita, current US$

12,968.8

Life Expectancy at Birth, years

75.5

The World Bank classified Romania as a high-income country for the first time, based on 2019 data (per capita income of $12,610). However, the pandemic-triggered crisis pulled the country back into the upper-middle-income group. In the medium to long term, Romania needs to address its structural constraints, including persistent twin deficits and high inequalities, as well as weak growth fundamentals stemming from low productivity and problems with both the quantity and quality of labor, due mainly to shortcomings in the quality and inclusiveness of education and shortages in critical skills.

Romania’s economy contracted by 3.9 percent in 2020, one of the lowest contractions in the European Union (EU), and recovered strongly at 6.5 percent in the first half of 2021. The fiscal deficit surged to 9.2 percent of GDP at the end of 2020 and will remain high in 2021. Given Romania’s limited fiscal space, maximal absorption of the EU Multiannual Financial Framework and Next Generation EU funds will be crucial to a sustainable recovery.

Last Updated: Oct 13, 2021

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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