Romania’s gross domestic product is expected to grow by 3.3% in 2024, the World Bank said, cutting its June 2023 projection by 0.6 percentage points, according to See News.
The World Bank also revised its estimate for Romania’s GDP growth in 2023 to 1.8%, slashing 0.8 percentage points off its June forecast, it said in its January 2024 Global Economic Prospects report published on Tuesday.
The Europe and Central Asia (ECA) region witnessed a notable slowdown in growth in 2023, estimated at 1.8 percent. The deceleration was widespread, impacting 78% of the region’s economies, the World Bank said.
Growth in the ECA region is projected to moderate to 2.4% in 2024 and then firm to 2.7% in 2025. However, regional growth is expected to remain below its pre-pandemic level due to the lingering effects of the pandemic and Russia’s invasion of Ukraine, the global lender noted.
Romania’s economic growth is seen to accelerate to 3.8% in 2025, the World Bank said, decreasing its June projection of 4.1% growth.
In 2022, Romania’s GDP grew by 4.6%.
Romania’s finance ministry analysts predicted in November that Romania’s economy will expand by 3.4% during 2024 and by 4.2% in 2025.