The strategy advisor of the governor of the National Bank of Romania, Adrian Vasilescu, appreciates that Romania can avoid an economic contraction in the third quarter if there is no decrease in demand from trading partners.

“In the second quarter we will be sure that we will have a big contraction. Some sources even talk about a very big decrease, 14%. But I also say that it will be followed by a recovery in the third quarter. But we cannot judge things only in relation with what is happening on our island because, if our trading partners will have to restrict demand, we will have nowhere to go and we will have another quarter of contraction, there will be a recession, but the big problems of the Romanian economy at present are not related only the GDP, they are related, first of all, to the vicious circle of deficits,” said Vasilescu, according to Agerpres.

He stressed that the current economic crisis does not resemble any of the major crises in the last century.
“There was no sign of a crisis before the one that started in the spring of this year. We woke up suddenly and without even realizing that the sky had darkened,” the BNR governor’s adviser added.