World Bank forecasts 5.9% economic growth for Romania

The World Bank (WB) estimates 5.9 percent growth for the Romanian economy, below the 6.5 percent foreseen by local authorities. WB estimates show a slowing in the pace of Gross Domestic Product (GDP), compared to the 6.1 percent growth expected by the bank for 2007.

As for 2009, World Bank analysts foresee 5.5 percent growth of GDP, according to its Global Economic Outlook, also lower than estimates of 6.1 percent growth by the National Prognosis Commission (CNP).

One of the main problems Romania is likely to face in the coming years is the current account deficit, which WB estimates will reach 15.3 percent of GDP in 2008, and drop to 14.9 percent of GDP in 2009.

Globally, the WB outlook shows a slowing of growth in emerging economies to 7.1 percent, compared to 7.4 percent last year, and overall 3.3 percent growth of the global economy.

Emerging markets will absorb global economic shocks and compensate for the U.S. economy slowdown.