Ciolacu, meeting with a World Bank delegation: Maintaining Romania's economic stability is a priority of the Government

Prime Minister Marcel Ciolacu emphasized during a meeting with a World Bank delegation that maintaining Romania's economic stability is a priority of Romania's government leadership in the current geopolitical context.

Prime Minister Marcel Ciolacu had a meeting with the World Bank delegation led by Asad Alam, regional director for equitable growth, finance and institutions for Europe and Central Asia, the Government of Romania informed.

According to the cited source, during the meeting, Prime Minister Marcel Ciolacu stated that “maintaining the economic stability of Romania in the context of the current geopolitical dynamics is a priority of the Government and an effective strategy to attract investors”.

The Head of the Executive also presented the set of measures for combating tax evasion, streamlining collection and reducing budget expenditures taken by the Government.

“Digitalization is the main tool through which we intend to improve public services and bring as many funds as possible to the budget to finance social and economic development programs”, emphasized Prime Minister Marcel Ciolacu.

For their part, the representatives of the World Bank appreciated the attention given by the Romanian Government to digitization for monitoring public expenditures and showed the readiness to offer assistance to the Romanian authorities to achieve the objectives.

The World Bank has revised down the Romanian economy

The Romanian economy recorded an advance of 1.8% in 2023, 0.8 percentage points less than previously estimated, according to the latest report on “Global Economic Prospects”, published in January by the World Bank .

The estimates regarding the evolution of the Romanian economy in 2024 and 2025, when the real GDP growth would be 3.3% and 3.8% respectively, were also revised down. Comparatively, in June of last year, the World Bank forecast for Romania an increase of 3.9% in 2024 and 4.1% in 2025.

Globally, the World Bank has warned that in 2024 the world economy will slow down for the third consecutive year. The Washington-based financial institution forecasts that the global Gross Domestic Product will register an advance of 2.4% this year, after an increase of 2.6% in 2023, one of 3% in 2022 and 6.2% in 2021 , when there was a comeback after the end of the pandemic.