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FFA-English I Presentation of Topics Economy in Romania Lecturer: Bernhard Kammer Teacher: M. Breuner. Map. Historical background. under Ceaucescu self-sufficiency was major goal exportation of food at the expense of domestic consumption to eliminate foreign debt

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  1. FFA-English IPresentation of TopicsEconomy in RomaniaLecturer: Bernhard KammerTeacher: M. Breuner

  2. Map

  3. Historical background • under Ceaucescu self-sufficiency was major goal • exportation of food at the expense of domestic consumption to eliminate foreign debt • focus on heavy industry (oilfields, iron and steel works) •  shortage of food and consumer goods • transition from communism began in 1989

  4. Strengths • Romania is an EU-enlargement candidate • export commodities (1999): textile & footwear (26%), metals & metal products (15%), machinery & equipment (11%), minerals & fuels (6%) • export partners (1999): Italy (23%), Germany (18%), France (6%), Turkey (5%), US • financial allocation of EU-fonds: Rumania is the second biggest receiver (after Poland)

  5. Weaknesses • economic restructuring lagged behind most other countries in the region • corruption has worsened extremely • population below poverty line: 44.5% (2000) • inflation rate: 45.7% (2000) • unemployment rate: 11.5% (1999)

  6. Opportunities • new government elected in November 2000 promises to promote economic reform • negotiations over new IMF standby agreement began 2001 • many projects based on EU-funds start in 2002

  7. Threats • EU ranks Romania last among enlargement candidates • EBRD rates Romania's transition progress the region‘s worst • no ability to borrow from public or private sources •  dependence on external money

  8. Conclusion • great problems to stop corruption • people rely too much on EU help • road to the EU-enlargement will be very long

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