Romania is passing through a delicate economic moment, in the context in which recent data have confirmed the entry into a technical recession, but the signals from the market indicate that the current situation differs fundamentally from the previous episodes of contraction. Unlike the financial crisis 15 years ago, which had a global character and hit the economies of the region in successive waves, the current difficulties seem to have a predominantly internal component. In this framework, the debate on the nature of budgetary and structural imbalances acquires a critical relevance, explains Ionuţ Simion, partner in the consulting firm PwC Romania. «I think I should say that, unlike the last 15-20 years, when Romania later entered the crisis, which was a European crisis, a global crisis, what is happening is rather a crisis of Romania», said Ionuţ Simion, on ZF Live, a show produced with the support of Orange Business. The differences compared to the period 2008–2010 are relevant not only from a temporal perspective, but also structurally. If then Romania was involved in an external wave of adjustments, currently the imbalances seem to be generated mainly by internal factors, especially in the fiscal and budgetary area. The comparison with other economies in the region, also under budgetary pressure, highlights the particularities of the local situation. «I mean, there are macroeconomic imbalances that can be found in Romania, not necessarily in other countries. Poland has a deficit because it invests a lot in defensive capabilities and infrastructure. While Romania has a very large deficit for completely and completely different reasons.» Ionuţ Simion also said.
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