Economic History of Romania - Economy of Romania (Paperback)

Purchase includes free access to book updates online and a free trial membership in the publisher's book club where you can select from more than a million books without charge. Excerpt: Romania is a middle income European Union member economy of Central-Eastern Europe. It has been referred as a "Tiger" due to its high growth rates and rapid development. Until 2009, Romanian economic growth was among EUs fastest. Gross domestic product contracted 7.1% in the third quarter of 2009 from the same period a year earlier, and the IMF estimates that the budget deficit will be as high as 7.8% of GDP. Romania has the 11th largest economy in the European Union by total nominal GDP and the 8th largest based on purchasing power parity and is one of the fastest growing markets in recent history with consistent annual GDP growth rates above 6% (+8.4% for 2008 ). Romania is a member of the European Union (7th largest country), its most important trading partner. Its capital, Bucharest, is one of the largest financial and industrial centres in the region, with a metropolitan area of more than 2.6 million people. Romania has experienced growth in foreign investment with a cumulative FDI totaling more than $100 billion since 1989. Prior to the late 2000s recession, some economic predictions indicated that Romanian GDP will double from 2006 to 2011, and one scholar has even suggested that Romania will overtake Italy in GDP per capita by 2020. Despite a growth rate of 7.1% in 2008, in 2009 the Romanian economy was heavily affected by the global financial downturn and contracted by some -7.2%. The IMF, the European Council, as well as some independent analysts predict that growth will resume in 2010. Future prospects are tied to the country's increasingly important integration with the European Union member states. The country is expected to join the Eurozone no later than 2014. GDP of Romania between 1870 and 2003 in 1990 International dollars. A... More: http://booksllc.net/?id=25640