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Romania ranks 72nd out of a total number of 185 countries placed under scrutiny, according to the World Bank’s annual “Doing Business with Romania” business environment chart for 2013. The position is similar to the Bank’s 2012 Report. Between July 2011-June 2012 the credit access in Romania became easier because of a wider range of chatels that can be used as collaterals.
Also, according to the World Bank’s aforementioned report, starting a business in the country has become simpler, since you can get quicker access to the fiscal criminal record issued by the National Fiscal Administration Agency. As compared to 2012, Romania holds weaker positions at an international level, with respect to getting the construction license, the access to electricity, the official property registration, the investors’ protection and the regulation of insolvency; concurrently, the tax payment-related standing has improved, while the international trade one has stayed the same.
Accordingly, Romania is best placed among the 185 countries with respect to credit access, ranking 12th in the chart. According to how easy it is to start up your own company, Romania is 68th-placed as compared to its 63rd position last year. And also similar to 2012, opening up a business in Romania requires 6 separate procedures, while the required number of days for that has decreased from 14 to 10. Also, the cost of starting up a business has decreased from 3 per cent of the per capita annual average income, to 2.8 per cent; with the annual average income the World Bank took into account for Romania standing at 7,910 US Dollars.
Just like in 2012, property registration requires 8 separate procedures, lasts 26 days and has a cost of 1.2 per cent of the property value. As for trade exchanges, the Report shows that Romania has not made any changes. Export operations also require 5 documents, 12 days and a cost of 1, 485 dollars per container, while import operations require 6 documents, 13 days and 1, 495 dollars per container.
As for the domestic perceptions, we should mention the statement made by the president of the Business Association in Romania, Florin Pogonaru. In his opinion, 2012 was not a good year for the business environment, mainly because of the ongoing political turmoil and because emphasis was laid on austerity and not on economic growth. That is the main reason why, in 2013, the representatives of the business environment would very much like the political class to reach a consensus on what needs to be dome in terms of economic growth, and to set a growth target for Romania.
More details on that from Florin Pogonaru: ” We have come up with an ambitious target. We have come up with a target of 2 per cent higher than the economic growth reported all over Europe, considering that, no matter what the political or the economic environment in Romania might do, we depend on the European markets and European funding, and consequently, any domestic performance must be estimated against the European economic background. By all means, we need to think what the source of such a growth might be and how Romania is going to look like in 2013. What really happened in Romania in the crisis years is that we destroyed all the chains of Romanian companies that delivered stuff to one another, added value and sold to the end consumer and the government will have to focus specifically on that issue, on the Romanian capital and on restoring the value-generating chains. “
The President of the Business Association in Romania has estimated that, although exports are Romania’s driving engine at the moment, that is not enough to cope with the effects of the crisis. He has said that in 2013 the car industry and metallurgy might be significantly affected at world level, which may have a negative impact on Romania’s economy, which at present is relatively dependent on the performance of those sectors. According to Florin Pogonaru, a feasible solution to those problems could be laying a stronger emphasis on support for the domestic capital and the local companies following the Polish model.
In recent years, Romania has been going through a time of unpopular austerity measures, jointly agreed upon with top-ranking officials of the international financial institutions under several crediting agreements. 2013 might be the year when emphasis should no longer be laid on adjustment, just as the Central Bank’s Governor Mugur Isarescu said.
” I believe this year’s fiscal policy is going to be normal, in that it will not completely focus on continuing readjustment, on a massive reduction of the deficit, just as it happened last year, but it will rather concentrate on consolidation. I believe that through an adequate financial discipline, and that means being cautious about spending the public money, there’s no need of what we in recent years have labeled as “austerity”, there’s no need for austerity to continue provided financial discipline is strong enough.”
We should also note that Romania has climbed up one position and now ranks 31st of a total number of 60 markets, which were placed under scrutiny in a chart drawn up by the Ernst & Young Consultancy and Auditing Company, in keeping with the globalization degree of the economy. “Romania has an open economy, fully benefiting from the access to the new markets, especially the European Union markets. Part of the barriers of the goods’ trade within the Union which are still on at present, might be removed, while the liberalization of trade and services which might bring advantages to Romania, will continue, albeit at a slower pace than what has been previously envisaged”, the Ernst & Young report also says. Source; Radio Romania International
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