2002 OECD Economic Surveys: Romania 2002

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This 2002 edition of OECD's Economic Survey of Romania examines recent economic developments, policies and prospects. It includes special features on co-ordination of reforms and exit and entry in the enterprise sector.

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Overview of Transition and Policy Framework

The early stages of the transformation process in Romania were described in the 1993 OECD Economic Assessment. The first transitional shock – a close to 30 per cent fall in GDP, one of the deepest amongst Central and Eastern European countries – was analysed and the gradualist policy adopted to manage the transition discussed. A more comprehensive approach to reforms was advocated in the Assessment, as macroeconomic stabilisation policy seemed doomed to fail without a better co-ordination with structural reforms. Indeed, during 1993-96 Romania experienced a volatile economic environment characterised by positive growth, but high inflation and growing macroeconomic imbalances.

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