EnglishPatrick Gelin, President of Banca Romana pentru Dezvoltare (the Romanian Development Bank, BRD) - Groupe Societe Generale, the second largest bank in Romania, does not yet see when Romania may exit the ongoing crisis and believes that the horizon remains on a medium-term basis.
"The time when the crisis is going to end remains uncertain as we depend on the economic growth of the other countries before we can speak of the recovery of the Romanian economy," Gelin said.
In his view, the Romanian economy still has numerous problems to deal with before exiting the crisis, such as the difficulties in public finance management, the poor development of the infrastructure and an ongoing "brain-drain," which includes, among others, the emigration of valuable students.
• BRD president sees zero economic growth in 2010
BRD-GSG President Patrick Gelin further said that the assumptions for the bank"s budget for 2010 included a zero per cent increase in Romania"s gross domestic product throughout the year.
The Romanian Government estimates that the national economy will recede 8.5 per cent this year, whereas the latest forecasts released by the IMF and the European Commission indicate an economic
growth close to zero per cent next year.
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