Oecd Economic Surveys Romania 2024

Romania’s Recovery and Resilience Plan is helping drive reform while also channeling support to vulnerable people. More policy focus is needed on addressing Romania’s disparate socio-economic outcomes and to lift employment among groups underrepresented in formal work, including women. Faster progress is also required to decarbonise the economy by 2050.

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.

Switzerland has proved resilient through the pandemic, geopolitical turmoil and reverberations in energy markets. Unemployment and inflation are low, and living standards are among the highest in the OECD. This is reinforced by a dynamic market-based economy, highly skilled workforce and prudent macroeconomic policies. Yet, slowing growth amid continued price pressures pose challenges. A tight monetary policy is necessary to ensure that inflation remains durably within the central bank’s target range. Although a broadly neutral fiscal stance is warranted in the short term, longer-term fiscal pressures call for structural reform to counter rising cost of ageing and to support the green transition. S

Estonia’s economy continues to perform well, and growing incomes support well-being. However, the expansion has peaked, and growth is set to soften due to weak international demand. Prudent fiscal policy has resulted in low debt, but spending pressures related to meeting infrastructure needs and ageing are mounting. Old age poverty is high and the proposal to allow early withdrawal of pension funds threatens macroeconomic stability and pension adequacy. The gender wage gap is among the highest in the OECD, and inequalities in income and health are considerable, reflecting gaps in the social safety net. The oil-shale sector is highly energy-intensive and is the main culprit behind Estonia’s high greenhouse gas emissions, but reducing dependence on the sector is challenging, as it is an important employer and meets 70% of Estonia’s energy needs.

After a strong demand-based recovery following the COVID-19 pandemic, economic activity declined amid high inflation. Growth has restarted in mid-2023 and inflation is receding, but fiscal and monetary policies need to work hand-in-hand to fight remaining inflationary pressures and recreate fiscal space to finance future spending needs.

Italy has weathered recent crises well. A strong fiscal policy response, enhanced competitiveness and improved banking sector health have supported growth in recent years.