Romania proposes a 7-year plan to reduce its budget deficit from 7.9% to 2.5% GDP by 2031, awaiting EU approval.

Romania has introduced a seven-year fiscal consolidation plan aimed at reducing its budget deficit from an estimated 7.9% in 2024 to 2.5% of GDP by 2031. The plan is pending approval from the European Commission. As of July, Romania's public debt rose to 52% of GDP, driven by a significant increase in borrowing. The budget deficit for the first nine months of 2024 reached 5.4% of GDP, largely due to rising expenditures.

October 28, 2024
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