IMF Ups Forecast On Romania ‘09 GDP, Sees 7.5%-8% Contraction

The International Monetary Fund upgraded its forecast on Romania’s economic growth this year, expecting now a contraction of 7.5%-8%, from 8%-8.5% previously estimated, IMF mission’s head Jeffrey Franks said Friday.

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The new figure is close to the European Commission estimation of an 8% fall of Romania's gross domestic product in 2009.

Romania's central bank deputy governor Cristian Popa said Friday Romania's economy is likely to contract by less than 8% this year, on "several signs of improvement."

The IMF, which oversees a EUR20 billion loan package to Romania that also includes funds from the EU and other international lenders, has sent a second mission to Romania late October to review the country's economic performance.

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