IMF Staff Country Reports

Romania : Ex-Post Evaluation of Exceptional Access Under the 2013 Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Romania

Author/Editor:

International Monetary Fund. European Dept.

Publication Date:

May 25, 2017

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file

Summary:

This paper discusses Romania’s Ex-Post Evaluation of Exceptional Access under the 2013 Stand-by Arrangement. Romania experienced strong economic growth in 2016, resulting in a closed output gap. Private consumption was boosted by an expansionary and procyclical fiscal policy and wage increases. The cyclically adjusted budget deficit grew by 1.5 percent of GDP in 2016, reflecting large tax rate cuts and wage increases. Growth is expected to reach 4.2 percent in 2017—supported by continued stimulus to private consumption from a new round of fiscal relaxation and wage increases—and to moderate to 3.5 percent in the medium term.

Series:

Country Report No. 17/135

Subject:

Economic growth Economic indicators Ex post assessments Exceptional use of Fund resources Financial sector Fiscal consolidation Fiscal policy Fiscal reforms Monetary policy Press releases Romania Staff reports Stand-by arrangements