IMF: Romania Economy Could Turn To Growth In 2011

The International Monetary Fund’s mission chief to Bucharest, Jeffrey Franks Tuesday said Romanian economy could turn to growth next year, adding he doesn’t share more pessimistic outlooks forwarded by analysts.

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Speaking after a meeting with Romanian central bank governor Mugur Isarescu, Franks said the IMF is still to complete its review on the 2011 economic forecast.

The IMF estimates Romanian economy will contract by around 2% this year and will pick up modestly in 2011, head of the National Council of Private SMEs, Ovidiu Nicolescu said earlier Tuesday.

On Monday, Franks said the IMF will revise its forecast on Romanian economic growth for 2010, but the new prognosis will be less pessimistic than a 3% contraction envisaged by the European Bank for Reconstruction and Development.

In its June forecast, the IMF said Romanian economy is expected to stagnate or decline by 0.5% this year, from a 7.1% contraction a year earlier.

Joint missions from the IMF and the EU will be in Bucharest until August 4 for a new review of Romania's progress under a EUR20 billion aid package signed early last year.

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