Lack of investments in transport infrastructure delays the economic recovery

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The contraction of more than 7% suffered by the Romanian economy in 2009 will hold back its economic recovery this year, especially taking into account the continuing danger of rising unemployment, the poor performance of agriculture, and insufficient competitiveness of domestic industrial products on the foreign markets.

Professor Radu Pencea argues that Romania’s economy can recover only if it attracts foreign direct investments and if the Government also makes sizeable investments. These two paths are interdependent: the big international brands will not come if the state does not allocate more resources for infrastructure development.

The International Monetary Fund forecast a positive trend for the Romanian economy in 2010, but Prof. Pencea considers that the growth is jeopardised by the cuts in Government expenditure. As Prof. Pencea writes, reducing the number of public servants, though necessary, will force a reduction in domestic consumption.

Considering this, if the savings achieved by the restructuring are not to be found in public spending as investments, the projected growth is unlikely to be achieved. And when it comes to state investments, transport infrastructure is the best target, since Romania ranks 132nd out of 135 countries when it comes to the density and quality of the road and rail networks.