Publication:
Reviving Romania's Growth and Convergence Challenges and Opportunities : A Country Economic Memorandum

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dc.contributor.authorWorld Bank
dc.date.accessioned2013-10-02T21:14:33Z
dc.date.available2013-10-02T21:14:33Z
dc.date.issued2013-06-21
dc.description.abstractThis Country Economic Memorandum (CEM) sets a framework for a dialogue on inclusive economic growth and income convergence in Romania. Generous Foreign Direct Investment (FDI) and other financial inflows lifted consumer demand, built up key industries, modernized wholesale trade and unleashed the movement of labor from low-productivity activities like agriculture towards high-productivity activities like manufacturing. Public and private investments in education lifted tertiary education enrollment from 12 to 23 percent. Preliminary calculations suggest that this growth was shared even after the crisis, as the income of the bottom 40 percent of the population grew by 5.5 percent on average during the 2000-2011 periods, a pace slightly above the 4.8 percent growth in the income of all households and the 4.1 percent average growth. Achievements notwithstanding, there is little room for complacency. The report discusses the immediate constraints to economic growth in areas where the short-term pay-off is high rather than covering all potential sources of growth for Romania. Although these are only the initial steps to reignite growth, the challenges of addressing each of these constraints should not be underestimated. Tackling them effectively demands a strong strategic vision, meticulous planning, and policy coordination. A significant amount of strategic communication of the benefits of the outlined reforms for the country will also be required since the roadblock to shaping and implementing these policies is likely to be vested interests, institutional inertia and lack of political consensus. In short, the crisis revealed the weakness of Romania's past growth model: it was based to a large extent on consumption and short-term capital inflows rather than on sustained productivity increases in tradable sectors and it concealed significant inefficiencies in the public sector.en
dc.identifierhttp://documents.worldbank.org/curated/en/2013/06/18028709/reviving-romanias-growth-convergence-challenges-opportunities-country-economic-memorandum
dc.identifier.doi10.1596/16036
dc.identifier.urihttps://hdl.handle.net/10986/16036
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTABILITY
dc.subjectAGGREGATE DEMAND
dc.subjectAGRICULTURAL PRODUCTION
dc.subjectAGRICULTURE
dc.subjectARABLE LAND
dc.subjectARREARS
dc.subjectASSET MANAGEMENT
dc.subjectAUDITING
dc.subjectAUDITS
dc.subjectAUTOMOBILE
dc.subjectAUTONOMY
dc.subjectBANK CAPITALIZATION
dc.subjectBANK LOANS
dc.subjectBANKING SECTOR
dc.subjectBANKING SECTORS
dc.subjectBANKING SYSTEM
dc.subjectBANKRUPTCY
dc.subjectBANKS
dc.subjectBENCHMARKING
dc.subjectBENCHMARKS
dc.subjectBOARDS OF DIRECTORS
dc.subjectBONDS
dc.subjectBORROWING COSTS
dc.subjectBORROWING REQUIREMENT
dc.subjectBUDGETING
dc.subjectBUS
dc.subjectBUS SERVICES
dc.subjectCAPITAL FLOWS
dc.subjectCAPITAL INFLOWS
dc.subjectCAR
dc.subjectCIVIL SERVICE
dc.subjectCOMPARATIVE ADVANTAGES
dc.subjectCOMPETITIVENESS
dc.subjectCONSOLIDATION
dc.subjectCONSUMERS
dc.subjectCORPORATE GOVERNANCE
dc.subjectCOST OF CAPITAL
dc.subjectCOST OF TRANSPORT
dc.subjectCPI
dc.subjectCREDIT GROWTH
dc.subjectCURRENCY
dc.subjectDEBT
dc.subjectDEBT MANAGEMENT
dc.subjectDEFICITS
dc.subjectDEREGULATION
dc.subjectDEVELOPMENT STRATEGY
dc.subjectDISPOSABLE INCOME
dc.subjectDRAINAGE
dc.subjectECONOMIC ACTIVITY
dc.subjectECONOMIC BOOM
dc.subjectECONOMIC COOPERATION
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC POLICIES
dc.subjectECONOMIC SIZE
dc.subjectECONOMIC STRUCTURE
dc.subjectENTREPRENEURSHIP
dc.subjectEQUIPMENT
dc.subjectEXCHANGE RATE
dc.subjectEXPENDITURE
dc.subjectEXPORT GROWTH
dc.subjectEXPORTER
dc.subjectEXPORTS
dc.subjectEXTERNAL DEBT
dc.subjectEXTERNALITIES
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL INFORMATION
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL MANAGEMENT
dc.subjectFINANCIAL MARKET
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SECTOR INDICATORS
dc.subjectFINANCING SOURCES
dc.subjectFISCAL BURDEN
dc.subjectFISCAL DEFICIT
dc.subjectFISCAL DEFICITS
dc.subjectFISCAL DISCIPLINE
dc.subjectFISCAL POLICIES
dc.subjectFISCAL POLICY
dc.subjectFISHING
dc.subjectFOREIGN DIRECT INVESTMENT
dc.subjectFREIGHT
dc.subjectFREIGHT TRANSPORT
dc.subjectFUEL
dc.subjectGAS PRICES
dc.subjectGAS SECTOR
dc.subjectGDP
dc.subjectGDP PER CAPITA
dc.subjectGOVERNMENT BORROWING
dc.subjectGOVERNMENT INVOLVEMENT
dc.subjectGROSS DOMESTIC PRODUCT
dc.subjectGROSS MARGIN
dc.subjectGROSS VALUE
dc.subjectGROWTH POTENTIAL
dc.subjectGROWTH RATE
dc.subjectHOLDING
dc.subjectHOUSING
dc.subjectHUMAN CAPITAL
dc.subjectHUMAN RESOURCE
dc.subjectHUMAN RESOURCE MANAGEMENT
dc.subjectHUMAN RESOURCES
dc.subjectIMPLEMENTATION STRATEGIES
dc.subjectIMPLICIT TAX
dc.subjectINFLATION
dc.subjectINFORMATION SYSTEMS
dc.subjectINFORMATION TECHNOLOGY
dc.subjectINFRASTRUCTURE INVESTMENT
dc.subjectINSTITUTIONAL INVESTORS
dc.subjectINTEREST RATE
dc.subjectINTERNATIONAL FINANCIAL INSTITUTIONS
dc.subjectINTERNATIONAL STANDARDS
dc.subjectINVESTING
dc.subjectINVESTMENT SPENDING
dc.subjectLABOR FORCE
dc.subjectLABOR MARKET
dc.subjectLABOR MARKETS
dc.subjectLABOR PRODUCTIVITY
dc.subjectLAND TITLING
dc.subjectLAWS
dc.subjectLEGISLATION
dc.subjectLEVEL PLAYING FIELD
dc.subjectLIVING STANDARDS
dc.subjectLOCAL CURRENCY
dc.subjectLOCAL GOVERNMENTS
dc.subjectMACROECONOMIC CONDITIONS
dc.subjectMACROECONOMIC MANAGEMENT
dc.subjectMACROECONOMIC POLICIES
dc.subjectMACROECONOMIC POLICY
dc.subjectMACROECONOMIC STABILITY
dc.subjectMARKET ACCESS
dc.subjectMARKET INTEGRATION
dc.subjectMARKET LIBERALIZATION
dc.subjectMARKET PRICES
dc.subjectMARKET REGULATORS
dc.subjectMATURITIES
dc.subjectMIGRATION
dc.subjectMINISTRIES OF FINANCE
dc.subjectMINISTRY OF TRANSPORT
dc.subjectMOBILITY
dc.subjectMONETARY FUND
dc.subjectMONETARY POLICIES
dc.subjectMOTORWAYS
dc.subjectNATIONAL BANK
dc.subjectNONPERFORMING LOANS
dc.subjectNPL
dc.subjectOIL
dc.subjectOPPORTUNITY COST
dc.subjectPARTIAL PRIVATIZATION
dc.subjectPASSENGER SERVICE
dc.subjectPASSENGERS
dc.subjectPAYMENT SYSTEM
dc.subjectPENALTIES
dc.subjectPENSION
dc.subjectPOLICY DECISIONS
dc.subjectPOLICY MAKERS
dc.subjectPOLICY RESPONSE
dc.subjectPRICE STABILITY
dc.subjectPRIVATE CAPITAL
dc.subjectPRIVATE CONSUMPTION
dc.subjectPRIVATE INVESTMENTS
dc.subjectPRODUCTIVITY GROWTH
dc.subjectPRODUCTIVITY INCREASES
dc.subjectPROFITABILITY
dc.subjectPRUDENTIAL REGULATIONS
dc.subjectPUBLIC DEBT
dc.subjectPUBLIC EXPENDITURES
dc.subjectPUBLIC FINANCE
dc.subjectPUBLIC FINANCES
dc.subjectPUBLIC GOODS
dc.subjectPUBLIC INVESTMENT
dc.subjectPUBLIC INVESTMENTS
dc.subjectPUBLIC OFFERING
dc.subjectPUBLIC OFFERINGS
dc.subjectPUBLIC POLICY
dc.subjectPUBLIC ROADS
dc.subjectPUBLIC SPENDING
dc.subjectPURCHASING POWER
dc.subjectQUALITY STANDARDS
dc.subjectRAIL
dc.subjectRAIL INFRASTRUCTURE
dc.subjectRAIL NETWORK
dc.subjectRAIL SERVICE
dc.subjectRAIL SERVICES
dc.subjectRAIL TRANSPORT
dc.subjectRAILROADS
dc.subjectRAILWAY
dc.subjectRAILWAYS
dc.subjectREAL EXCHANGE RATE
dc.subjectREAL GDP
dc.subjectREGULATORY FRAMEWORK
dc.subjectRESIDENTIAL CONSUMERS
dc.subjectRESOURCE ALLOCATION
dc.subjectRESOURCE MANAGEMENT
dc.subjectRETURN
dc.subjectRISK AVERSION
dc.subjectROAD
dc.subjectROUTES
dc.subjectRURAL ROADS
dc.subjectSAFETY
dc.subjectSAFETY NET
dc.subjectSAFETY NETS
dc.subjectSAVINGS
dc.subjectSEWAGE
dc.subjectSHAREHOLDER
dc.subjectSHAREHOLDERS
dc.subjectSHORT MATURITIES
dc.subjectSHORT-TERM CAPITAL
dc.subjectSOFT BUDGET CONSTRAINTS
dc.subjectSTATE ENTERPRISES
dc.subjectSTOCK EXCHANGE
dc.subjectSTOCK MARKET
dc.subjectSTRATEGIC INVESTORS
dc.subjectSTRUCTURAL CHANGE
dc.subjectSUSTAINABLE GROWTH
dc.subjectTAX
dc.subjectTAX ADMINISTRATION
dc.subjectTAX COLLECTION
dc.subjectTAX RATES
dc.subjectTAX REVENUES
dc.subjectTAXATION
dc.subjectTOLL
dc.subjectTOTAL DEBT
dc.subjectTRADE DEFICIT
dc.subjectTRADING
dc.subjectTRAINS
dc.subjectTRANSPARENCY
dc.subjectTRANSPORT
dc.subjectTRANSPORT INFRASTRUCTURE
dc.subjectTRANSPORT NETWORK
dc.subjectTRANSPORT POLICY
dc.subjectTRANSPORT SECTOR
dc.subjectTREASURY
dc.subjectTREATY
dc.subjectUNEMPLOYMENT
dc.subjectUNEMPLOYMENT RATE
dc.subjectUNEMPLOYMENT RATES
dc.subjectURBANIZATION
dc.subjectVALUE ADDED
dc.subjectWAGES
dc.titleReviving Romania's Growth and Convergence Challenges and Opportunities : A Country Economic Memorandumen
dspace.entity.typePublication
okr.date.disclosure2013-07-23
okr.date.doiregistration2025-05-07T09:49:33.571439Z
okr.doctypeEconomic & Sector Work::Country Economic Memorandum
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/2013/06/18028709/reviving-romanias-growth-convergence-challenges-opportunities-country-economic-memorandum
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeTransport and ICT
okr.globalpracticeEnvironment and Natural Resources
okr.globalpracticeFinance and Markets
okr.guid991181468333030934
okr.identifier.externaldocumentum000356161_20130723113749
okr.identifier.internaldocumentum18028709
okr.identifier.report74635
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2013/07/23/000356161_20130723113749/Rendered/PDF/746350RO0ESW0P000PUBLIC00Box377382B.pdfen
okr.region.administrativeEurope and Central Asia
okr.region.countryRomania
okr.sectorPublic Administration, Law, and Justice :: General public administration sector
okr.sectorEducation :: General education sector
okr.sectorFinance :: General finance sector
okr.sectorHealth and other social services :: Health
okr.sectorIndustry and trade :: General industry and trade sector
okr.themeEconomic management :: Analysis of economic growth
okr.themeEconomic management :: Debt management and fiscal sustainability
okr.themeEconomic management :: Macroeconomic management
okr.themePublic sector governance :: Tax policy and administration
okr.themeTrade and integration :: Export development and competitiveness
okr.topicBanks and Banking Reform
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicEconomic Theory and Research
okr.topicTransport Economics Policy and Planning
okr.topicEnvironmental Economics and Policies
okr.topicMacroeconomics and Economic Growth
okr.topicEnvironment
okr.topicTransport
okr.unitMacroeconomics 2 (ECSP2)
okr.volume1 of 1
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Country Economic Memorandum