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Erschienen in:
2017 | OriginalPaper | Buchkapitel
2. Macroeconomic Changes in Romania During the Transition Period
verfasst von : Luminiţa Chivu, Constantin Ciutacu, George Georgescu
Erschienen in: Deindustrialization and Reindustrialization in Romania
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Abstract
The chapter analyses the complex legal, institutional and structural transformations across society and all economic sectors during Romania’s transition to the market economy. The authors offer a relevant macroeconomic description of major changes, expressed more synthetically by the increase of the private sector contribution to GDP from 16% in 1990 to more than 75% in 2015. The chapter draws attention to the fact that, although Romania had no sovereign debt in 1990 (an apparent advantage against other competitors), because of the lack of a strategic long-term approach during the entire transition period, the country has been confronted with adverse effects as result of sudden declines in GDP and slow recovery, high inflation, currency depreciation, trade balance deficits and growing external and public indebtedness.