The International Monetary Fund (IMF) has revised significantly the estimates of the evolution of the Romanian economy this year, in the context of the coronavirus pandemic, shows the latest report “World Economic Outlook”, published on Tuesday by the international financial institution.

If in October last year, the IMF estimated that Romania will register a 3.5% advance in 2020, according to the new forecasts, the international financial institution expects the Romanian economy to register a 5% contraction in 2020, to recover in 2021, when it will register a 3.9% advance, according to Agerpres.

The IMF’s new estimates are much more pessimistic than the World Bank’s, which last week forecasted that Romania will see a growth of 0.3% in 2020, compared to an advance of 3.8% as estimated three months ago. The World Bank is also counting on a return to 4.4% in 2021.

On Monday, the Minister of Finance, Florin Cîţu said that the Romanian economy will register a “V” return, as this year’s decline will be offset by a return in 2021. “I believe that the economy will have a V return. After this sudden fall, there will also be a sudden recovery of the economy,” said Cîţu.

The Minister of Finance estimates a revival of the economy starting in the second half of this year.