Coface Sees Romanian GDP Up 1% In 3Q, 4Q 2010

Romania's economy might post a growth of around 1% in the last two quarters of 2010, risk management company Coface officials said Monday.

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Both Romania's prognosis commission and the International Monetary Fund predicted an economic growth of 0.5% in 2010, while central bank deputy governor Cristian Popa said recently the country's gross domestic product might grow by 1.5% next year.

Cristian Ionescu, general manager of Coface for Romania and Bulgaria, told an economic seminar that lending would continue to be insufficient next year, while the financing policies would remain restrictive.

At the same time, the number of insolvencies will grow in the fourth quarter and in 2010 as well, while unemployment will also increase.

Nevertheless, Ionescu said there would be a good period for companies which can afford to buy smaller competitors, adding that investments are currently more attractive given the lower assets value.

Attending the seminar, Marius Ghenea, president of IT company PC Fun, said that next year might be characterized by a higher number of bankruptcies, and that businesses would not register an upward trend.

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