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Friday, 4th September 2015

The Economic and Social Situation in Romania

Source: European Economic and Social Committee

Abstract:

In 2009, Romania ignored the signs of the financial crisis which manifested visibly in EU and North America, and entered into this crisis unprepared and later than other countries. Therefore, the effects of the crisis weren’t mitigated by preventive measures, and nor after entering the crisis, there were taken real corrective measures, except of measures to reduce public spending. But these measures were not homogeneous in all public spending area (sic).

Lack of balance and procyclical fiscal and budgetary policies were aggravating factors, but the economic crisis in Romania started from the overconsumption behaviour of the private sector and the current account deficit.

Romania’s economy remains anchored in low and medium skilled labour, relatively low user (sic) of technologies and based on low value added industries. Productivity is affected and business models used allow productivity gains based only on wage cuts, which basically is a powerful additional stress factor.

The structure of employment in Romania reflects a serious lag behind compared to the other European countries economies structure, being one of the causes of low productivity in general. Although some differences were recovered, Romania continues to be the EU country with the most inadequate distribution of employment on economic sectors. This structure affects the ability of real convergence in order to join the euro zone.

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Having begun his career in academic libraries, Adrian Janes has subsequently worked extensively in public libraries, chiefly in enquiry work as an Information Services librarian. In this role he has had particular responsibility for information from both the UK Government and the European Union. He wrote a detailed report on sources for the latter which was published by FreePint in 2007, and has contributed articles to FreePint and ResourceShelf. He is involved in training in information literacy and the use of online reference resources.

A Contributing Editor to DocuTicker, he also write reviews for Pennyblackmusic.

More articles by Adrian Janes »



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