Construction, real estate and retail to be impacted by the financial crisis

“Even the luxury real estate segment will be significantly impacted by the crisis, as loans become more expensive. Furthermore, there is currently a surplus of commercial space in Romania,” Pogonaru said.

He added that impact of the crisis could be lower in Romania if the government publishes the state budget for 2009 and launches a public debate on the scheduled budget for 2010-2013. He recalled that as a member of the European Union, Romania is obliged to publish its state budget at least three years in advance.

Businesspeople have indicated that public funds should be spent more efficiently by eliminating budget rectifications and reducing bureaucracy.